Metro Pacific H1 net profit soars 169%

ABS-CBN News

Posted at Aug 04 2010 04:10 PM | Updated as of Aug 05 2010 12:10 AM

MANILA, Philippines - Conglomerate Metro Pacific Investments Corp. (MPIC) said its consolidated core net income in the first half jumped 169% from a year ago to P1.93 billion.

Based on its reported first quarter earnings of P650 million, MPIC's second quarter net profit stood at P1.28 billion.

On Wednesday, MPIC said that its consolidated net income, which reflects a net foreign exchange loss and non-recurring losses of P172 million, stood at P1.75 billion in the first half compared with P1.7 billion in 2009.

"Reflecting our strong operating performance during the period, we are modestly confidenty in raising our guidance on core profitablity for the year 2010 to P3.3 billion from an earlier figure of P3 billion, MPIC Chairman Manuel Pangilinan said in a statement.

MPIC attributed its strong first semester performance to the higher revenue contributions from its subsidiaries -- water utility Maynilad Water Services Inc. (Maynilad), toll operator Metro Pacific Tollways Corp. (MPTC) and power retailer Manila Electric Co. (Meralco).

Maynilad's contributions were the highest at P1.28 billion or 46% of the aggregate net profit. MPTC accounted for 27% of profit at P761 million, while Meralco added P666 million or 24%

Its Healthcare Group contributed P67 million or 3% of the total.

"The performance of Maynilad, MPTC and Meralco in the first half of this year bodes well for the future and demonstrates our relentless focus on improving operational efficiencies," said Jose Ma. Lim, MPIC president and CEO.

On June 28, MPIC divested all of its shareholdings at Manila North Harbour Port, representing 35% of the outstanding capital stock of the company. This ended the standoff with Harbour Central Port Terminal Inc. for full control of the Manila North Harbor rehabilitation project.

MPIC shares edged up by 0.7% to P2.74 on Wednesday.