Metro Pacific Investments Corp. (MPIC) posted a profit of P11.8 billion in the first nine months of the year, down 5 percent from last year’s P12.42 billion, attributed to P695 million nonrecurring foreign exchange losses.
Last year, the company reported a forex gain.
Revenues for the period grew 8.55 percent to P66.6 billion, from P61.35 billion last year.
Its core profit stood at P12.5 billion, up 2.5 percent from P12.2 billion last year.
The company said its earnings were lifted by improved financial and operating results of the constituent companies, which translated into a 6 percent increase in operating contributions.
“Our 6 percent growth in contribution from operations is due to meaningful volume increases in our businesses, and the quality of our management in raising operating efficiencies,” said Jose Ma. Lim, MPIC president.
The power business under Manila Electric Co. (Meralco) saw its core profit grow 11 percent to P18.5 billion, driven by a 6 percent increase in energy sales, lower borrowing costs on lower debt, and higher investment returns.
Total revenues rose 6 percent to P241.1 billion on higher energy sales together with increased pass-through generation charges driven by supply constraints and higher fuel prices.
The power business under Global Business Power Corp. posted core profit of P2 billion, up from P1.9 billion last year.
Volume sold fell 4 percent with the end of various short-term power supply agreements.
Contribution from 50 percent-owned Alsons Thermal Energy Corp. (ATEC) was up 43 percent to P292 million. ATEC’s second 105 megawatts (80 MW contracted) expansion plant declared start of commercial operations on Oct. 10, 2019.
The toll road business meanwhile saw Metro Pacific Tollways Corp.’s (MPTC) core profit hit P3.7 billion, up 13 percent from P3.3 billion last year, on higher traffic on domestic roads but lower traffic on regional roads, tariff adjustments in North Luzon expressway (NLEx) and Subic-Clark-Tarlac expressway (SCTEx), and higher financing cost from borrowings used to partially finance its increased investment in PT Nusantara.
