Infrastructure conglomerate Metro Pacific Investments Corp. said Wednesday it expects core net income to reach P12 billion this year before returning to pre-pandemic level by 2022.
Metro Pacific president and chief executive Jose Ma. K. Lim said 2021 would be a transition year for the company and earnings recovery would depend on how the domestic economy bounced back from the impact of the pandemic.
Lim said the toll road and railway business would continue to be affected by the pandemic this year because of reduced mobility.
He said power and water businesses were expected to recover faster this year, with the onset of the dry season.
Metro Pacific said net income fell 80 percent in 2020 to P4.75 billion from P23.85 billion in 2019 as the contraction in the domestic economy brought about by the COVID-19 pandemic resulted in reduced toll road traffic, reduced light rail services and decreased commercial and industrial demand for water and power.