MPIC core net income up 24% to P7.5B in H1

Metro Pacific Investments Corporation (MPIC) saw its bottom line grow by double digits in the first six months of 2022.

In a disclosure to the Philippine Stock Exchange, MPIC said its consolidated core net income stood at P7.5 billion, up 24% from P6 billion year-on-year.

The company attributed the growth during the period to a strong recovery in toll road traffic and growth in power consumption as more industries ramped up operating capacity.

MPIC said its power business accounted for P5.9 billion or 60% of net operating income, followed by toll roads at P2.5 billion or 26%, and water at P1.4 billion or 15%.

Real estate, hospitals, fuel storage, and rail, incurred a net loss of P35 million, MPIC said.

“We expect that this year will be better than last year,” said MPIC chairman Manuel Pangilinan. “We also hope that 2022 numbers will at least approach what we accomplished in 2019, or before the pandemic."

“But we are still mindful of the crucial role that MPIC plays in Philippine infrastructure and enabling the progress that our government envisions. I am hopeful that the positive tone toward infrastructure investment set by the new administration will lead to accelerating development for our country,” Pangilinan said. —VBL, GMA News