Metro Pacific Posts P6B Earnings

Metro Pacific Investments Corporation today reported Consolidated Core Net Income of ₱6.0 billion for the first six (6) months of 2021, up 13% from ₱5.3 billion in the same period last year.

Photo Insert: Aerial view of SCTEX

This is a substantial improvement from the 26% decline in the first quarter of 2021 and was driven largely by improved traffic on its toll roads and a higher volume of electricity sold.

Core Net Income for the second quarter of ₱3.5 billion rose 37% quarter-on-quarter and climbed 82% from ₱1.9 billion during the same period in 2020.

This acceleration of growth reflects an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country and was partially augmented by the impact of the Corporate Recovery and Tax Incentives (“CREATE”) Law which lowered income tax rates from 30% to 25%.

Contribution from operations rose 11% to ₱8.5 billion and is accounted for as follows: power – ₱5.4 billion or 63% of the total, toll roads – ₱1.9 billion or 22%, water – ₱1.4 billion or 17%.

Other businesses, mainly Light Rail and Logistics – the overall loss of ₱294 million owing to the continuing impact of the pandemic on the ridership of LRT-1 and the ongoing recalibration of warehousing operations; partially offset by the Hospital Group’s contribution of ₱142 million Consolidated Reported Net Income attributable to owners of the parent company rose 243% to ₱10.4 billion arising from the gain recognized from the sale of Global Business Power (“GBP”) and Don Muang Tollways (“DMT”).

These asset sales underscore MPIC’s commitment to optimizing its portfolio and realizing value for its stakeholders.

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