Metro Pacific net income down 6 percent in Q1 due to virus, regulatory reviews

ABS-CBN News

Posted at May 06 2020 09:57 PM

MANILA - Metro Pacific Investments Corp (MPIC) on Wednesday said its core net income from January to March dropped 6 percent to P3.4 billion due to the COVID-19 outbreak and regulatory reviews of its water concession.

The Manny Pangilinan-led conglomerate said the enhanced community quarantine imposed to check the spread of the virus cut traffic in tollways, suspended rail services, and reduced the commercial and industrial demand for power and water. 

MPIC operates the NLEX and SCTEX tollways, the LRT-1, Maynilad and Meralco. 

“Preserving cash is our immediate priority,” said MPIC president and CEO Jose Ma. Lim

Maynilad is currently unable to pay a dividend pending the outcome of the review of its concession agreement, Lim said. The COVID-19 outbreak may result in lower dividends from MPIC’s power and toll roads businesses for 2020, he added.

Due to the uncertainty surrounding the COVID-19 crisis and various ongoing regulatory reviews, Lim said it was too early to give either earnings or capital expenditure guidance for the full year 2020.