METRO PACIFIC 2020 EARNINGS DOWN 34%

Reduced toll road traffic, train services, and commercial and industrial demand for water and power dragged Metro Pacific Investments Corp.’s (MPIC) net income by 34 percent to P10.2 billion last year. In a disclosure on Wednesday, the Pangilinan-led conglomerate said the economic contraction caused by the Covid-19 pandemic also reduced contributions from its business segments by 26 percent. Power accounted for 69 percent, or P10.5 billion, of the bottomline; water, 20 percent or P3.1 billion; and toll roads,16 percent or P2.4 billion. Its other units — hospitals, light rail and logistics — incurred an overall loss of P709 million. Power arm Manila Electric Co. saw its core net income slip by 9 percent to P21.7 billion, while West Zone concessionaire Maynilad Water Services Inc. reported that its net profit fell by 15 percent to P6.5 billion. Revenues of Metro Pacific Tollways Corp. slid by 27 percent to P13.6 billion, while those of Light Rail Manila Corp. sank by 62 percent to P1.3 billion. The core net income of medical unit Metro Pacific Hospital Holdings Inc. plunged by 85 percent to P224 million. MPIC shares added 4 centavos or 0.98 percent to end at P4.13 each on Thursday.