Bilyonaryo Manny V. Pangilinan-led Metro Pacific Investments Corp. (MPIC) delivered solid results in the first nine months of the year, fueled by the strong performance of the power generation business and higher water tariffs for the water concession.
Core net income jumped 37 percent to P16.2 billion while its reported net income grew 22 percent to P16.1 billion, benefiting from gains related to the acquisition of Landco Pacific Corporation.
Power had the largest share of net operating income among MPIC”s core businesses at P13.8 billion or 69 percent.
This comes as Meralco’s core net income surged 53 percent to P30 billion during the nine-month period, powered by significant growth in contribution from the generation business.
Metro Pacific Tollways, meanwhile, posted a core net income of P4.1 billion, remaining flat due to higher concession amortization on newly opened roads and financing costs on the Japex acquisition.
Toll revenues, however, accelerated by 20 percent to P19.8 billion as a result of a combination of toll rate increases and traffic growth in the Philippines and Indonesia.
Maynilad, for its part, delivered a core income of P6.8 billion, up 46 percent year-on-year, due to lower amortization resulting from the extension of the concession period.
“Our consistently strong performance reflects significant volume increases for our core businesses in power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies,” Pangilinan said.
“We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future,” he added.
Together with MPIC’s new partners, Pangilinan said the group looks forward to further investing in national development and continuing to deliver high-quality essential services.