MANILA, Philippines - Metro Pacific reported P3.4 billion in net income in the first 9 months of the year, 33% higher than the previous year, fueled by core income gains in Maynilad Water and Manila Electric Company (Meralco).
Metro Pacific raised its 2011 core income guidance to P5 billion, nearly 30% higher than in 2010, from a previous estimate of P4.8 billion, chairman Manuel Pangilinan said in a statement.
Total revenue rose 19% to P16.1 billion during the January to September period, versus P13.55 billion during the same period in 2010.
Maynilad's core profit also rose as its Putatan Water Treatment Plant made up for a drop in water supply from Angat Dam. It also reduced water losses to 47% from 54%.
Meralco's core profit rose after a distribution rate increase
A unit of Hong Kong's First Pacific Co. Ltd, Metro Pacific has interests in water utility (Maynilad), power distribution (Meralco), infrastructure, toll roads via Metro Pacific Tollways Corp., and healthcare. - with ANC, Reuters