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MPIC expects Php10-B profit this year

Posted on August 3, 2015

MANILA, Aug. 3 (PNA) — Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) expects its core earnings reaching Php10 billion this year, up 17.65 percent from last year’s Php8.5 billion.

“We anticipate continued strong volume growth for the rest of 2015 for all our subsidiaries in light of anticipated continuing economic expansion,” said MPIC President and Chief Executive Officer Jose Ma. K. Lim.

Despite positive economic backdrop, Lim said the company continues to encounter regulatory challenges on tariff setting in water, toll roads and rail, as well as further delay in expansion of roads network.

“These all combine to act as a drag on our earnings growth which remains strong but lower than it should be given the capital we are continuing to invest,” he said.

“Amongst others, due to continuing uncertainty on various tariff increases, we are guiding the core earnings to Php10 billion for the full year,” said MPIC Chairman Manuel V. Pangilinan.

MPIC booked a 27-percent surge in profit in the first half of 2015 to Php5.9 billion from last year’s Php4.6 billion as its four main businesses delivered strong growth despite regulatory challenges.

In terms of contribution to the company’s net operating income, subsidiaries Manila Electric Co. (Meralco) accounted for Php2.9 billion or 43 percent of the aggregate contribution; and Maynilad Water Services Inc. shared Php2.4 billion or 35 percent.

The Tollroads businesses delivered Php1.4 billion or 19 percent; and the Hospital Group contributed Php187 million or three percent of the total.

“The strong results for the first half reflect continuing improvements in service levels as well as efficiency and financing gains for our operating companies,” Pangilinan said. (PNA)

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