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METRO Pacific Investments Corp. (MPIC) said it
suffered losses last year due to expenses incurred when it absorbed
Metro Pacific Corp. (MPC).
In a statement, MPIC said it
posted a loss of P685.9 million. Of the total amount, P415 million
represented provisions made against its subsidiary’s investment in
Costa de Madera real property. Another P110.7 million was due to its
unit’s divestment from unit Negros Navigation Co.
For the first two months, MPIC
reported that it hit a net real profit “substantially higher than
project” that came from shares in the profits of its joint venture
with DM Consunji, Inc. The two companies earlier formed a consortium
that bought the government’s stake in Maynilad Water Services
Inc., which operates the West zone concession of the Metropolitan
Waterworks and Sewerage System.
On top of its water concern, MPIC
also enjoyed the dividends from the improved results of its real
estate arm, Landco Pacific Corp.
--Likha C. Cuevas
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