MPIC profit plunges 80%

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    Metro Pacific Investments Corp. (MPIC) posted profit of P4.75 billion last year down 80.08 percent from P23.85 billion in 2019.

    Revenues reached P40.86 billion, down 17.09 percent from P49.28 billion last year.

    Core profit was down just 34 percent at P10.2 billion compared to the previous year.

    MPIC said its business suffered from reduced toll road traffic; suspended and then reduced light rail services; and decreased commercial and industrial demand for water and power.

    Contributions from its various operations to drop 26 percent.

    “In these unprecedented times .

    While earnings – for the first time in our history – have been less than ideal, we purposely directed our focus on service continuity amidst the pandemic,” said Jose Ma. K. Lim, MPIC president. “It is prudent to ensure that our financial position is robust and can sustain operations and expansion even in a prolonged period of recovery.”