MPIC revenues fall 15%

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    Metro Pacific Investments Corp., (MPIC) said profit for the first nine months of the year reached P5 billion, down 57.63 percent from P11.8 billion last year.

    Revenues was at P46.18 billion down 15.59 percent from P54.71 billion last year.

    The company said its core profit was at P7.7 billion, down 38 percent from P12.5 billion last year, “owing largely to the economic contraction stemming from the Philippine Government’s response to coronavirus disease 2019 pandemic.

    Power accounted for P7.6 billion or 67 percent of net operating income; water contributed P2.6 billion or 23 percent, and tollroads contributed P1.6 billion or 14 percent. MPIC’s other businesses, mainly hospitals, rail, and logistics, incurred an overall loss of P413 million.