Business

MPIC businesses on the mend, return to pre-pandemic levels seen in 2022

Metro Pacific Investments Corp. (MPIC) is hopeful of a recovery this year but expects a return to pre-pandemic growth rates by 2022.

While it is difficult to ascertain the pace of growth in economic activity, MPIC president Jose Ma. K. Lim said the company’s “financial position remains robust and can sustain operations and expansion even in a prolonged period of recovery.”

Lim expects MPIC to end the year with core earnings of P12 billion, up 17.65 percent.

MPIC’s core net income declined by 34 percent to P10.2 billion last year due to the impact of the Covid-19 pandemic — reduced toll road traffic, suspended and reduced light rail services, decreased commercial and industrial demand for water and power.

“We have come through the most difficult year we have ever seen as the operations of our portfolio companies have been significantly affected by the pandemic. At the parent level, however, we endeavored to preserve our balance sheet and optimize capital allocation as evidenced by our recent asset monetisation efforts,” Lim said.

Other businesses, mainly hospitals, light rail and Logistics incurred an overall loss of ₱709 million.

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