MPIC consolidated income up 24% for H1

METRO Pacific Investments Corp. (MPIC) reported on Aug. 3, 2022 that their consolidated net income grew to P7.5 billion for the first half of 2022, up 24 percent from P6 billion in the same period of last year.Improved financial and operating results of its subsidiaries delivered a 15-percent increase in contribution from operations. The power segment accounted for P5.9 billion or 60 percent, toll roads contributed P2.5 billion or 26 percent, water distribution contributed P1.4 billion or 15 percent, while the real estate, hospitals, fuel storage and light rail system incurred a consolidated net loss of P35 million.

Power distribution and generation posted total revenues rose by 34 percent to P199.6 billion and its core net income also increased 15 percent to P13.1 billion in the first six months of 2022, driven by strong energy sales and higher contribution from the power plants.

The toll roads subsidiaries recorded an increase in its revenues as its revenue rose by 26 percent to P10.5 billion and net core income rose by 33 percent to P2.5 billion in the first half of 2022 due to high traffic growth and implemented toll increases.

MPIC’s water concessionaire, Maynilad, had flat revenues of P11.2 billion and its net core income declined by 1 percent to P3 billion in the first half of this year. This is the result of lower billed volume offset by higher effective tariffs.

Light rail revenues increased by 41 percent to P767 million as of the first half of 2022, as average daily ridership rose 52 percent to 185,012, compared with 121,683 a year earlier. However, the company incurred a core net loss of P329 million due to the start of amortization of concession assets and borrowing costs.

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MPIC’s health care subsidiaries saw its revenues decline by 3 percent to P9.4 billion in the first half of 2022 due to lower Covid-19 cases. Consolidated core net income also fell by 48 percent to P370 million in the first six months, driven by higher personnel costs with additional headcount and higher depreciation from completed capital expenditures as per the implementation of its expansion plans.