MPIC posts P3.1B net income in Q1, up 14%

Metro Pacific Investments Corp. (MPIC) posted a core net income of P3.1 billion in the first quarter of 2017, up 14 percent from P2.7 billion a year earlier as the company expanded presence in the power industry.

MPIC told the Philippine Stock Exchange on Wednesday that higher investments in Beacon Electric Asset Holdings Inc. and Global Business Power Corp., as well as more vehicles using the roads held by Metro Pacific Tollways Corp. (MPTC) and continuing growth in the hospital group supported the bottom line.

Power generation and distribution business contributed the lion's share of 52 percent or P2.1 billion to the company's net operating net income.

Toll roads followed at 24 percent or P900 million, while water distribution, production, and sewerage treatment accounted for 18 percent or P700 million.


The hospital group contributed 4 percent and the rail, logistics and systems group contributed 2 percent.

"Our earnings growth reflected our increased investment in the power sector last year together with strong volume growth for our toll roads and hospitals businesses," MPIC President Jose Ma. Lim said. — Ted Cordero/VDS, GMA News