Metro Pacific Investments Corp. recorded a 272-percent jump in profit in the first quarter to P7.03 billion from the prior year’s P1.89 billion on a one-time gain out of the sale of stakes in Global Business Power and Don Muang Tollways.
Revenues reached P10.63 billion, down 7.16 percent P11.45 billion.
Core profit was at at P2.5 billion, down 26 percent, from P3.38 billion, driven largely by economic contraction amid the COVID-19 pandemic which resulted in reduced toll road traffic; light rail services; and commercial and industrial demand for water and power.”
The company said contribution from operations dropped 19 percent to P3.8 billion with power contributing P2.5 billion, toll roads at P800 million, water at P500 million, and other businesses – hospitals, light rail, and logistics – posting a combined loss of P49 million
“The first quarter earnings decline of 26 percent contrasts with the 34 percent full-year drop in 2020, illustrating a gradual improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country,” the company said.
