METRO Pacific Investments Corp. (MPIC) saw 2017 consolidated core net income grow 17 percent to P14.1 billion, backed by its increased presence in the power industry.
Core net income was supported by the expanded power portfolio following the additional acquisition in Beacon Electric Asset Holdings, Inc., and strong growth on all roads held by its unit Metro Pacific Tollways Corp. (MPTC) and its hospital businesses.
MPIC President and Chief Executive Officer Jose Ma. Lim told a news conference in Makati City on Thursday that the power segment “now contributes 52 percent to the bottom line of our company.”
MPIC’s energy businesses — Manila Electric Co. (Meralco) and Global Business Power (GBP) — contributed P9.4 billion to core net income. Meralco in 2017 netted P20.2 billion, up 3 percent from the year before, while GBP posted profit of P2.9 billion, up 1 percent. MPIC owns 62.4 percent of Beacon and 45.5 percent of Meralco.
In June 2017, MPIC increased its investment in Beacon Electric by 25 percent at an aggregate transaction price of P21.8 billion, while in November, it purchased a 50 percent stake in GBP.
Its toll roads unit Metro Pacific Tollways Corporation (MPTC) posted net income of P2.9 billion in 2017, a 20 percent increase from the previous year, as average vehicle entries rose 10 percent to 445,350 vehicles.
MPTC has said it will spend P122.8 billion in the next five years to build more highways and toll roads.
For its water business, Maynilad Water Services, Inc. and MetroPac Water Investments Corp. contributed P3.7 billion to the parent’s core profit. Maynilad recorded P7.4 billion in revenues, or 3 percent higher than the prior year, due to tight control of operating expenses.
MPIC’s hospital arm Metro Pacific Hospital Holdings, Inc. saw aggregate core net income surge by 17 percent to P2 billion in 2017, driven by contribution from new hospital acquisitions and organic growth.
In the transport segment, Light Rail Manila Corp., operator of the LRT trains, contributed P238 million to core net income of the parent last year. LRMC has said it is on track to spend P750 million for station improvements.