MPIC net income up by 16% in first quarter

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Metro Pacific Investments Corp. expects earnings this year to surpass the previous year’s level after first-quarter net profit climbed 16%.

In a disclosure to the stock exchange on Thursday, May 3, the infrastructure conglomerate chalked up a consolidated core net income to P3.6 billion in the January to March period from P3.1 billion in the prior year.

The strong growth was anchored on the increased investment in the power industry through Beacon Electric Asset Holdings Inc. last year, robust traffic growth on all domestic roads; and steady volume growth coupled with inflationary tariff increase at Maynilad Water Service Inc.

“Volumes will remain strong. We need to work hard with government to accelerate rights of way delivery so we can get construction started and funds deployed on our current tollways projects,” MPIC Chairman Manuel V. Pangilinan was quoted in the statement as saying.

MPIC President Jose Ma. K Lim said he expects continued strong volume growth in 2018, but it is too early to give a full-year earnings guidance given the lack of clarity on tariff and ongoing delays on right of way handover.

“It is too early to give earnings guidance beyond a reasonable expectation that 2018 earnings will exceed last year’s,” Mr. Pangilinan said. — Krista Angela M. Montealegre