MPIC attributable income falls, core profit grows

METRO Pacific Investments Corp. (MPIC) saw its attributable net income for the first quarter decline by 19% to P5.7 billion from the year-ago figure that included the sale of shares in two companies.

Its total comprehensive income grew by 8% to P7.5 billion in the first quarter, the company said in a statement.

In the same period last year, MPIC recorded gains as a result of the sale of shares in power generation company Global Business Power Corp. and Thai toll road operator Don Muang Tollway Public Co. Ltd.

MPIC saw contributions from its businesses grow by 14% to P4.3 billion: P2.5 billion from power, P1.2 billion from toll roads, and P600 million from water.

The company’s other businesses — including hospitals, light rail, fuel storage, and logistics — incurred an overall loss of P76 million.

It said its core net income for the quarter went up 23% to P3.1 billion after benefitting from “continued economic recovery and intensified election-related activities in the country.”

“Toll road traffic is now close to pre-pandemic levels, and power consumption has considerably increased as more industries ramp up operating capacity,” the company noted.

MPIC Chairman Manuel V. Pangilinan said: “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. 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,” he added.

He said the company’s 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.”

MPIC shares closed unchanged at P3.82 apiece on Wednesday.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

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