Metro Pacific Investments Corp. (MPIC) posted a 243-percent increase in profit to P10.4 billion in the first half, boosting its confidence it can hit its profit guidance for the year.
Jose Maria Lim, MPIC president, said the huge uptick in the bottomline was primarily a result of the company’s sale of its stake in power generator Global Business Power and Vietnam tollways business.
“These asset sales underscore MPIC’s commitment to optimizing its portfolio and realizing value for its stakeholders,” Lim said.
Revenues reached P21.66 billion, up 8.62 percent from P19.94 billion last year.
MPIC said from a core income perspective, profit was at P6 billion, up 13 percent from P5.3 billion last year, a reversal from the 26 percent decline in the first quarter of 2021 and was driven largely by improved traffic on its toll roads and higher volume of electricity sold.
Core net income for the second quarter of P3.5 billion rose 37 percent quarter-on-quarter and climbed 82 percent from P1.9 billion during the same period in 2020.
MPIC’s power business contributed P5.4 billion, toll roads contributed P1.9 billion, and the water business contributed P1.4 billion.
Other businesses, mainly light rail and logistics, posted an overall loss of P294 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 P142 million.
