PANGILINAN-LED Metro Pacific Investments Corp. (MPIC) said its consolidated core net income rose by 20% to P15 billion for the first semester, citing “meaningful contributions” from its energy, water, and toll road units.
“We’ve seen meaningful contributions from power, water, and toll roads sectors that are fundamental to the country’s development,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said in a statement on Wednesday.
The company recorded better financial and operational performance across all its portfolio businesses, MPIC said, adding that this growth drove an 18% increase in contributions from operations to P17.5 billion.
“Fueled by robust growth in Meralco’s power generation business, the implementation of higher tariffs at Maynilad, and rising patient volumes across the Metro Pacific Hospitals network,” MPIC said.
Among MPIC’s core businesses, its power utility unit Manila Electric Co. (Meralco) accounted for the largest share of its operating net income at P11.2 billion, followed by contributions from Maynilad Water Services, Inc. at P3.8 billion and Metro Pacific Tollways Corp. (MPTC) at P3.3 billion.
Meralco’s revenue increase was mainly due to higher pass-through charges, increased distribution utility volumes, and retail electricity sales, the company said, adding that improved power generation revenues from the reserve market and enhanced plant availability also lifted MPIC’s overall income.
Toll revenues rose by 18% to P18.1 billion for the first semester, mainly due to toll rate increases and traffic growth in the country. MPTC’s core net income went up by 6% to P3.5 billion, which it attributed to the increase in shareholding in NLEX Corp. and partly offset by higher financing costs.
MPTC, the company’s tollway arm, recorded average daily traffic of 722,018, marking 4% growth across all its toll road networks in the Philippines.
Its units in Vietnam recorded average daily vehicle entries of 74,374, down by 5%, while its Indonesia network remained flat at more than one million.
This year, MPIC is allocating up to P116 billion in capital expenditures to fund expansions and developments in its power, toll roads, and water businesses.
MPIC is also focusing on further investments in key segments such as energy, food security, and inclusive infrastructure, Mr. Pangilinan said.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
