METRO PACIFIC REPORTS 14% RISE IN H1 NET PROFIT

Infrastructure holding firm Metro Pacific Investments Corp. posted a 14-percent year-on-year increase in first semester net profit to P8.9 billion on higher earnings from its power, toll road and water businesses.

Excluding nonrecurring items, MPIC’s core net profit rose by 10 percent year-on-year to P8.6 billion in the first six months. Key drivers include an expanded power portfolio following the increase in stake in the holding firm for Manila Electric Co., continuing traffic growth on all domestic roads, and steady volume growth coupled with inflationary tariff increase at Maynilad Water Service Inc.

Power accounted for P5.8 billion or 55 percent of net operating income while toll roads con- tributed P2.3 billion or 21 percent. The water business contributed P2.1 billion or 20 percent; hospital group P338 million or 3 percent, and rail, logistics and systems group, P60 million or 1 percent.

“Our operating and financial performance has been strong, and we expect the full-year numbers to be similar. Strong volume growth in recent years is due to billions of pesos of investments in our road and water businesses,” MPIC president Jose Ma. Lim said.

“Our financial performance should be better with a resolution of our long pending tariff increases. On toll roads, we have the broad shape of settlement agreed in principle. On water, we expect arbitration proceedings to conclude within the year.”