Pangilinan-led holding firm delivers strong 9-month earnings, upgrades outlook
Infrastructure conglomerate Metro Pacific Investments Corp..has upgraded its core net income forecast to P11.7 billion for the year on strong growth across all businesses.
This is 1.7 percent higher than the P11.5 billion guidance given at the first half.
In the nine months ending September this year, MPIC’s core net earnings reached P9.3 billion, up 13 percent from a year ago on robust traffic growth on its tollroads, an expanded power portfolio with the acquisition of a majority stake in Global Business Power Corp., and the continued strong performance of the healthcare business.
Reported net income grew 22 percent to P9.5 billion, MPIC said in a statement.
“The strong results during the first nine months of the year reflect our ongoing expansion of investment, continuing improvements in service levels and efficiency as well as financial gains for our operating companies,” said MPIC chairman Manuel V. Pangilinan.
“I am hopeful we will soon see some progress on resolution of our past regulatory issues which would further increase funds for investments and contribute to an acceptable return on our shareholders’ funds,” Pangilinan added.
The group is in continuous discussions with the government to secure compensation and implement tariff adjustments to compensate units Maynilad Water Services Inc. and Metro Pacific Tollways Corp.
Significant pending tariff adjustments accumulated for the North Luzon Expressway and the Cavitex through successive failures to raise rates since 2012.