Metro Pacific profit jumps 22 pct in 2013


Posted at Mar 19 2014 05:07 PM | Updated as of Mar 20 2014 01:07 AM

MANILA, Philippines - Metro Pacific Investments Corp. (MPIC) on Wednesday reported its attributable net income jumped 22% to P7.2 billion in 2013, on the back of robust earnings from its tollways unit and growth from Maynilad and Meralco.

In a statement, Metro Pacific said its core net income rose 10% to P7.2 billion in 2013, from P6.6 billion in the previous year.

The higher profits were attributed to strong earnings growth at Metro Pacific Tollways Corporation due to traffic growth and acquisition of CAVITEX, as well as higher tariffs and volumes at Maynilad Water Services and Meralco.

Maynilad contributed 44% of the company's net operating income or P3.8 billion, followed by Meralco with P2.3 billion or 27% of the total and MPTC with P1.9 billion or 22%. The hospital group added P581 million.

“We anticipate continued strong volume growth in 2014 for all our subsidiaries but given uncertainties over regulatory stability for water, road and power prices we are in no position to give earnings guidance for 2014," said Jose Ma. K. Lim, MPIC President and Chief Executive Officer.

Lim also announced the MPIC board of directors declared a final dividend for 2013 of 2.20 centavos per share, which is 10% higher than the final dividend in 2012.

Record date for the final dividend is April 8, 2014, while payment date is April 30, 2014.

MPIC is the Philippine unit of Hong Kong-listed conglomerate First Pacific Co Inc.