MPIC net profit jumps 20% to P11.5B

INFRASTRUCTURE conglomerate Metro Pacific Investments Corp. (MPIC) boosted its net income by 20 percent to P11.5 billion in 2016, while core net income improved by 17 percent to P12.1 billion, driven by strong growth across all of its operations.

The company also announced that it nearly doubled its capital expenditure (capex) budget for this year to P79 billion from the actual spending of P40.5 billion in 2016 given the robust expansion program of its subsidiaries and the Duterte administration’s push for infrastructure.