Metro Pacific Investments Corporation (MPIC) reported a 23 percent growth in consolidated core net income to P3.1 billion for the first quarter of 2022 from the P2.5 billion earned in the same period last year.
In a media briefing, MPIC Chief Finance, Risk and Sustainability Officer Chaye A. Cabal–Revilla said “The company benefitted from continued economic recovery and intensified election-related activities in the country.”
She noted that, toll road traffic is now close to pre-pandemic levels, and power consumption has considerably increased as more industries ramp up operating capacity.
Reported attributable net income declined 19 percent to P5.7 billion for the first quarter of 2022 due to gains from the sale of Global Business Power and Don Muang Tollways (DMT) in the first quarter of 2021.
Total comprehensive income rose 8 percent to P7.5 billion due to the translation adjustment gain of foreign investments and disposal of DMT in 2021.
Contribution from operations increased 14 percent to P4.3 billion in the first quarter of the year and is accounted for by Power with P2.5 billion or 58 percentof the total, Toll Roads with P1.2 billion or 29 percent, and Water with P0.6 billion or 14 percent.
Meanwhile, other businesses, mainly Hospitals, Light Rail, Fuel storage, and Logistics, incurred an overall loss of P76 million.
Following a series of debt refinancing and re-rating activities that were strategically implemented in 2021, Revilla said MPIC is now enjoying the benefits of a significant reduction in its average interest rates, evidenced by the 11 percent decline in net interest costs for the first quarter.
“Economic recovery continues to be this year’s story. It is MPIC’s story as well, but one that is inextricably linked to everyone else’s,” said MPIC Chairman Manuel V. Pangilinan.
He noted that, “Understanding this interconnectedness is a crucial lesson we have learned from the pandemic: that we need to come together to work out how we can progress from a crisis; that our development as a business is tied to the advancement of others.”
“Such progress is as significant as profit and is therefore linked to creating value for all. In other words, that our progress is yours as well,” Pangilinan explained.
He added that, “The continuing strong demand for our services despite geopolitical uncertainties supports our optimism for 2022. That said, it is rather early to give our earnings guidance for the year.”
“Our focus over the near to medium term is to continue to deliver on our commitments to support infrastructure development in the country. We are also actively evaluating opportunities in multiple sectors that will potentially enable further economic development such as logistics, agriculture, real estate, and tourism,” Pangilinan said.