MANILA — Metro Pacific Investments Corp. (MPIC) expects its financial performance this year to be better than that of 2012 which saw its consolidated attributable net income rise 26 percent to P6.4 billion from the P5.1 billion recorded in 2011.
In a press briefing, MPIC President Jose Ma. Lim said a net loss of P142 million for non-recurring charges in 2012 has been reflected.
MPIC Chairman Manuel V. Pangilinan said “it is likely that 2013 will be better than 2012,” noting that earnings will get a boost from new investments as well as the impact of the elections in May.[box type=”default” size=”large”] Pangilinan, Lim see bigger income in 2013 [/box]Core net income jumped 28 percent to P6.5 billion last year from the P5.1 billion recorded in 2011 as every one of MPIC’s four mainstream businesses delivered strong performance.
The rise in core net income is due mainly to higher profit contributions from Manila Electric Company (Meralco), reflecting increased volumes of power sold and growth at Maynilad Water Services, Inc. due to a combination of tariff progression and higher billed volumes.
It also reflects traffic growth and interest expense savings at Metro Pacific Tollways Corp. and the benefit made from investments in the hospital group in 2011.
Lower interest and head office costs at MPIC parent company also contributed to the improvement.
In terms of contribution to MPIC’s net operating income representing MPIC’s attributable interest in each investee company, Maynilad accounted for P3.6 billion or 46 percent of the aggregate contribution.
Meralco contributed P2.2 billion or 28 percent, while MPTC delivered P1.6 billion or 20 percent. The hospital group contributed P507 million or 6 percent of the total.
“All our businesses achieved robust growth in 2012. And 2013 is off to a strong start with our investment in CAVITEX, our recent capital raising and the closing of our transaction to bring Marubeni into Maynilad,” Lim said.
He added, “I anticipate continued strong growth in 2013 despite delays in tariff increases on our various toll roads.” “The strong results for 2012 reflect significant improvements in service levels and efficiency gains for all our operating companies. The outlook for 2013 is encouraging given the continuing optimistic view about the Philippine economy.” (James Loyola, Manila Bulletin)