MANILA -- Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) on Tuesday reported a 7-percent increase in net income in 2018, driven mainly by its expanded power portfolio.
MPIC disclosed to the local bourse that its consolidated core net income reached PHP15.1 billion last year, up from PHP14.1 billion in 2017.
“Our earnings growth reflects meaningful volume increases for all our businesses, supported by years of high investment and our continuing emphasis on operational efficiencies,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said.
Power distribution and generation accounted for PHP10.8 billion, or 55 percent of net operating income, while toll roads shared PHP4.4 billion, or 23 percent of the total.
Its water business contributed PHP3.8 billion or 19 percent; while the Hospitals Group provided PHP771 million or 4 percent.
The Rail, Logistics and Systems Group incurred a net loss of PHP248 million last year.
Lim said its power, toll roads and water segments will still drive overall profit this year, as he expects continued strong volume growth.
“We will be opening I think part of CALAX (Cavite-Laguna Expressway), (and) part of the C-5 (Circumferential Road) link crossing to Sucat sometime in the year. We already opened (North Luzon Expressway Harbor Link) Segment 10 so that will help and then finally, the ramp that we will building to the ports,” he said in an interview. (PNA)
