MPIC profit slips 38% in H1

LISTED Metro Pacific Investments Corp.’s (MPIC) core net income fell to P5.3 billion in the first half of 2020 on the impact of lockdown measures aimed at curbing the spread of the coronavirus disease 2019 (Covid-19) in the country.

In a disclosure on Wednesday, the Covid-19 movement restrictions, which Pangilinan-led conglomerate said the affected transportation and transportation-related figure, a 38-percent decrease from P8.7 businesses. Our power and billion in the same period last year, was water operations fared much better,” driven by the community quarantines MPIC Chairman Manuel V. Pangilinan imposed by the government in the period. was quoted as saying in the disclosure.

These lockdowns, it added, reduced The firm’s consolidated net income toll road traffic, suspended rail services attributable to shareholders dropped and cut commercial and industrial to P3 billion in January to June from demand for water and power. P8.1 billion, attributed to its lower

“The decline in our half-year earnings core income and the Manila Electric is mainly due to the government’s Co.’s (Meralco) provisioning against the carrying value of Pacific Light Power, a gas- fired power plant in Singapore.

Its power businesses accounted for 68 percent or P5.2 billion of net operating income; water segment, 23 percent or P1.8 billion; and toll road business, 12 percent or P900 million.

MPIC’s other businesses, mainly hospitals, rail and logistics, incurred a P236-million loss.

The power business posted a 14-percent decrease in its net income contribution in the period on account of reduced contributions from Meralco and Global Business Power Corp.

Meralco’s core net income declined by 14 percent to P10.6 billion in the first six months, while Global Power saw a 9-percent decline in its core net income to P1.1 billion.

Metro Pacific Tollways Corp. recorded a 62-percent drop in its core net income to P900 million from P2.4 billion year-on-year.

The water segment contributed P1.8 billion to the core net income, most of which from Maynilad Water Services Inc.

Light Rail Manila Corp. incurred a P175-million loss during the period because of the suspension of mass transportation operations as part of lockdown measures.

The impact of the pandemic and quarantine also dragged Metro Pacific Hospital Holdings Inc.’s consolidated core income by 93 percent to P46 million in the period.

MPIC shares inched up by 1.3 percent or 4 centavos to finish at P3.11 each on Wednesday.