Metro Pacific profit grows 16% to P3.6B

PANGILINAN-LED Metro Pacific Investments Corp. (MPIC) posted double-digit growth in consolidated core net income for the first three months of the year on the back of strong performance across all businesses, coupled with increased investments in the power industry.

MPIC said Thursday that core net income grew by 16 percent to P3.6 billion from the P3.1 billion registered in the same period last year, backed by an expanded power portfolio following the increase of its stake in Manila Electric Co. (Meralco) from 41.2 percent last year to 45.5 percent through its unit Beacon Electric Asset Holdings, Inc. and Global Business Power Corp. (GBP).