Economy · August 7, 2022

MPIC consolidated profit up 24% for the first half

METRO Pacific Investments Corp. (MPIC) reported on August 3, 2022 that its consolidated net profit grew to £ 7.5 billion in the first half of 2022, up 24% from £ 6 billion over the same period. of last year. Improved financial and operating results of its subsidiaries resulted in a 15% increase in the contribution from operations. The energy segment accounted for P5.9 billion or 60%, toll roads contributed P2.5 billion or 26%, water distribution contributed P1.4 billion or 15%, while the real estate sector, hospitals, fuel storage and the light rail system all suffered a consolidated net loss of P35 million.

Power distribution and generation had total revenues increased 34% to P199.6 billion and its main net income also increased 15% to P13.1 billion in the first six months of 2022, driven by strong energy sales. and the greater contribution of power plants.

Toll road branches have seen an increase in its revenues as its revenues increased 26% to £ 10.5bn and main net profit increased 33% to £ 2.5bn in the first half due to high traffic growth and toll increases implemented.

MPIC’s water concessionaire Maynilad posted flat revenue of £ 11.2 billion and its main net income fell 1% to £ 3 billion in the first half of this year. This is the result of a lower turnover volume offset by higher effective rates.

Light rail revenue increased 41% to £ 767 million in the first half of 2022 as the average number of daily passengers increased by 52% to 185,012, up from 121,683 a year earlier. However, the company suffered a major net loss of P329 million due to the start of amortization of the assets under concession and financial charges.

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MPIC’s healthcare branches saw its revenues drop 3% to P9.4 billion in the first half of 2022 due to the decrease in Covid-19 cases. Consolidated core net profit also decreased by 48% to £ 370 million in the first six months, driven by higher staff costs with additional staff and higher depreciation from capital expenditures completed under the implementation of its plans. expansion.