Metro Pacific on track to hit P14-billion earnings target for 2022

Pangilinan-led Metro Pacific Investments Corp. (MPIC) on Wednesday said it was on track to hit its P14-billion bottom-line target for the year, following the double-digit growth recorded in the third quarter.

In a regulatory filing, MPIC reported a core net income of P4.4 billion, 26% higher than the same quarter last year and 1% higher than the previous quarter, as its main businesses posted higher contributions.

Its power segment Manila Electric Company (Meralco) recorded a nine-percent increase in its core net income to P19.6 billion while toll operator Metro Pacific Tollways Corp.’s (MPTC) core net income jumped 51% to P4.1 billion.

Its water business Maynilad Water Services Inc. recorded a one-percent decline in core net income to P4.7 billion due to higher concession amortization from completed capital expenditure projects.

The Light Rail Manila Corp. (LRMC) posted a core net loss of P494 million due to the start of the amortization of concession assets and borrowing costs while Metro Pacific Health saw a 34% drop in core net income to P785 million.

“We are on track to sustaining our double-digit growth for the rest of the year and achieving our core net income target for full-year 2022 of approximately P14 billion,” MPIC Chairman, President, and CEO Manuel Pangilinan said.

“Looking ahead, we will be focusing on unlocking further opportunities in agriculture in the hopes of helping to address our country’s food security aspirations,” he added.

MPIC also has investments and operations outside the Philippines, including a 44.9% ownership in Vietnam-based toll operator CII Bridges and Roads Investment Joint Stock Company, and a 76.3% stake in Indonesian infrastructure company PT Nusantara Infrastructure Tbk.

Shares in the company closed Wednesday at P3.58 apiece, down by two centavos or 0.56% from Tuesday’s finish of P3.57 per share. —NB, GMA Integrated News