By Leslie D. Venzon
MANILA, Nov. 6 (PNA) — Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) posted a 15-percent increase in net profit in the first three quarters on the back of robust water and electricity businesses.
MPIC said its core net income reached Php6.5 billion in January to September from Php5.6 billion during the same period last year.
Subsidiary Maynilad Water Services Inc. accounted for Php3.2 billion, or 42 percent, to the company’s net operating income during the period, while Manila Electric Co. (Meralco) shared Php2.5 billion, or 32 percent, of the total.
Maynilad, the biggest water utility in the Philippines, recorded a five-percent increase in the volume of water sold in its concession area during the first nine months of 2014 even as it managed to draw less water from the Angat Dam.
Meralco’s core net income for the first nine months of 2014 rose five percent to Php14.3 billion, compared with the same period last year, mainly driven by a two-percent increase in energy sales.
MPIC said its tollroads businesses also delivered Php1.6 billion or 21 percent to net operating income, while the hospital group contributed Php400 million, or five percent of the total.
“The strong results for the first nine months of the year reflect continuing improvements in service levels as well as efficiency and financing gains for our operating companies,” said MPIC chairman Manuel V. Pangilinan.
Pangilinan said robust profitability was achieved despite a difficult regulatory environment.
“The confluence of regulatory challenges in terms of pending tariff increases in water and tollways – possibly on light rail as well – can hold back continued capital expenditures in some areas. At this stage, we are continuing to guide to Php8 billion core net income for the full year,” he said. (PNA)