MPIC Group profit up 24% in H1

METRO Pacific Investments Corp. (MPIC) reported on August 3, 2022 that its consolidated net income for the first half of 2022 rose to P7.5 billion, up 24 percent from P6 billion for the same period last year, while its subsidiaries delivered a 15 percent increase Increase in operating contribution. The power segment contributed P5.9 billion or 60 percent, toll roads contributed P2.5 billion or 26 percent, water utilities contributed P1.4 billion or 15 percent, while real estate, hospitals, fuel storage and light rail system contributed a consolidated net loss from P35 million.

Power distribution and generation saw total revenue increase 34 percent to P199.6 billion in the first six months of 2022 and core net income also increased 15 percent to P13.1 billion, driven by strong energy sales and higher contribution of power plants .

Toll road subsidiaries saw their revenue increase as their revenue increased 26 percent to P10.5 billion and core net income increased 33 percent to P2.5 billion in the first half of 2022 due to high traffic growth and implemented toll increases .

MPIC’s water concessionaire Maynilad recorded lump sum sales of Pta 11.2 billion in the first half of this year and its core net income fell 1 percent to Pta 3 billion. This is the result of lower billed volume offset by higher effective rates.

Light rail revenue rose 41 percent to 767 million pesetas in the first half of 2022 as average daily ridership rose 52 percent to 185,012, compared with 121,683 a year earlier. However, the company suffered a core net loss of 329 million pesos due to the start of depreciation of concession assets and borrowing costs.

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Revenues of MPIC’s healthcare subsidiaries fell 3 percent to Ptas 9.4 billion in the first half of 2022 due to lower Covid-19 cases. Consolidated core net income also declined 48 percent to P370 million for the first six months, reflecting higher personnel expenses with additional headcount and higher amortization from completed capital expenditures as part of the execution of its expansion plans.