Metro Pacific income up 25% to P28B in 2019
Credit to Author: Tyrone Jasper C. Piad| Date: Wed, 26 Feb 2020 17:03:43 +0000
Pacific Investments Corp.’s (MPIC) consolidated net earnings last year rose 25.42 percent to P27.82 billion from P22.18 billion in 2018 on the back of robust power, toll road and hospital operations.
In a statement on Wednesday, the Pangilinan-led conglomerate said that the “improved financial and operating results of the constituent companies delivered 7-percent increase in contribution from operations.”
Its core net income increased by 4 percent to P15.6 billion last year from P15.1 billion in 2018.
Consolidated reported net income attributable to the parent company, meanwhile, surged 69 percent to P23.9 billion in 2019.
The conglomerate’s power business registered a 7-percent growth in core net income at P11.6-billion last year, supported by the Manila Electric Co. (Meralco).
Meralco saw its core net income go up by 6 percent to P23.8 billion in 2019 due to increasing energy sales, lower borrowing costs and higher investment returns.
With higher traffic on domestic roads, Metro Pacific Tollways Corp. (MPTC) posted a core net income of P5.3 billion, which showed an 18-percent growth from P4.5 billion year-on-year.
MPTC operates the North and South Luzon Expressway, and Manila-Cavite Expressway. Average daily vehicle entries from these tollways climbed by 13 percent to 535,503 last year from 474,529 in 2018.
Currently, MPTC has 8 projects being constructed with a total amount of P105.3 billion.
Metro Pacific Hospital Holdings Inc. booked a 14-percent core income increase at P2.7 billion on the back of higher outpatient visits.
Last year, it inked a P35.5-billion investment transaction with global investment firm KKR & Co. and Singapore-based GIC Pte. Ltd. “A significant proportion of the proceeds will be directed toward investment for further growth and improvement in patient care,” MPIC said.
MPIC’s water business, which includes Maynilad Water Services Inc. and MetroPac Water Investment Corp., registered a core net income of P3.6 billion last year.
Light Rail Manila Corp. (LRMC) recorded an average daily ridership of P446,943 in 2019, reaching up to 596,500 commuters. It has restored 39 light rail vehicles, bringing the total available vehicles to 116.
“While LRMC contributed P319 million to MPIC’s core income in 2019, all earnings are fully reinvested in improving train operations and passenger experience,” it said.
MPIC logistic arm MetroPac Movers Inc., meanwhile, has not yet contributed to the conglomerate’s core net income. Following a restructuring last year, the company said it was expecting better performance in the coming years.
“We will endeavor to at least match our 2019 core income in the year ahead, despite the challenges,” MPIC Chairman Manuel Pangilinan said.
MPIC shares dipped 9 centavos or 2.94 percent to end at P2.97 each on Wednesday.