MANILA – Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) booked a 38-percent decline in profit in the first nine months of the year as the coronavirus movement restrictions affected its transportation and transportation-related businesses.
MPIC reported Wednesday its core net income reached PHP7.7 billion in the January to September period from PHP12.5 billion in the same period last year.
Power accounted for PHP7.6 billion or 67 percent of net operating income, its highest-ever proportion; Water contributed PHP2.6 billion or 23 percent; and Toll roads shared PHP1.6 billion or 14 percent.
MPIC’s other businesses mainly Hospitals, Rail, and Logistics incurred an overall loss of PHP413 million.
For the third quarter alone, its core net income also declined to PHP2.4 billion from PHP3.8 billion during the same period last year.
In a virtual press briefing, MPIC president and chief executive officer Jose Ma. Lim said the quarantine reduced toll road traffic and the ridership capacity of light rail lines, as well as commercial and industrial demand for water and power, resulting in a 30-percent decline in the share of operating income.
“The performance in the third quarter was mainly improved due to the resumption of traffic in the tollroads... The current traffic today is close to the average of 2019 so it has almost fully recovered, maybe 90 percent. But in the case of power and water, volumes are still recovering,” he said.
In a statement, MPIC chairman Manuel Pangilinan said their power and water operations fared much better and service levels have been maintained.
“I am encouraged by the partial recovery in our earnings in the third quarter compared with the second quarter, and it was especially pleasing to see Meralco’s volumes for the month of September this year exceed the figures for September 2019,” he said.
Pangilinan added they guide core net income to be in excess of PHP10 billion for the full year with the continuing economic recovery. (PNA)
