Metro Pacific net income up 15 pct in H1


Posted at Aug 12 2014 03:22 PM | Updated as of Aug 12 2014 11:22 PM

MANILA, Philippines - Metro Pacific Investments Corp. on Tuesday said its attributable net income went up 15 percent to P4.2 billion in the first half of the year, from P3.7 billion in first half of 2013.

The figure includes P394 million in non-recurring charges, comprising of taxes incurred in the hospital group's reorganization and one-time separation expenses at Maynilad Water Services.

Core net income jumped 18 percent year-on-year to P4.6 billion in the January to June period.

MPIC attributed the rise in earnings to growth in its four main businesses Metro Pacific Tollways Corp., Mayland, Manila Electric Company, and its hospital group.

West Zone concessionaire Maynilad contributed P2.2 billion to MPIC's net operating income, accounting for 41 percent of the total.

Meralco contributed P1.8 billion or 33 percent of the total, while MPTC contributed P1.1 billion or 21 percent. The hospital group's contribution reached P294 million.

"All our businesses achieved strong growth in profitability, helped in large measure by debt refinancings last year,” said Jose Ma. K. Lim, MPIC President and Chief Executive Officer.

Lim said the company is on track to reach its P8 billion core net income target.

"With regard to full year guidance, we anticipate continued volume growth for the rest of the year that would enable us to achieve P8 billion of core net income for 2014 despite ongoing uncertainties over regulatory stability for water, road and power prices," he said.

Meanwhile, the MPIC board of directors declared an interim dividend amounting to 2.60 centavos per common share, an increase of 73% from the previous year.