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Friday, March 29, 2024

MPIC expects higher ’16 earnings

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Conglomerate Metro Pacific Investments Corp. has raised its 2016 core net income target to P11.7 billion from an initial estimate of P11.5 billion after the company posted strong growth in the first nine months of the year.

Metro Pacific said in a disclosure to the stock exchange core net income from January to September this year amounted to P9.3 billion, up 13 percent from ₱8.2 billion in the same period last year on the back of strong growth in all operations.

“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 Metro Pacific chairman Manuel 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. At this stage, we are guiding to full year core net income of ₱11.7 billion, up from ₱11.5 billion guidance at the half year,” Pangilinan added.

The power group in terms of contribution to the company’s net operating income accounted for ₱5.7 billion or 49 percent, while water contributed ₱2.7 billion or 23 percent of the total.

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Tollroads contributed ₱2.6 billion while the hospital and the rail and systems Group accounted for ₱443 million and P135 million, respectively.

Metro Pacific’s nine-month consolidated net income stood at P9.5 billion, up 22 percent from a year ago level.

“I expect continued volume growth for the rest of the year from all our businesses. We have seen encouraging post-acquisition performance at Global Power which offers us immediate attractive cash returns and solid medium term prospects,” Metro Pacific president Jose Ma. Lim said.

Lim said discussions with the new administration on resolving some of overdue tariff increases were ongoing.

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