Thursday, January 21, 2021

MPIC profit slips 38% in H1


Latest Stories

Duterte sends ‘warmest greetings, best wishes’ to Biden, Harris

PRESIDENT Rodrigo Duterte extended to  United States President Joseph "Joe" Biden Jr. and Vice President Kamala Harris his “warmest...

ABS-CBN’s ‘ASAP Natin ‘To’, ‘FPJ: Da King’ head to TV5

ABS-CBN’s long-time running musical variety show, “ASAP Natin 'To” and “FPJ: Da King,” are headed to TV5. Beginning Sunday,...

World hopes for renewed cooperation with US under Biden

MEXICO CITY: World leaders welcomed into their ranks the new United States President Joe Biden, noting their most pressing...

House panel OKs power to President to suspend SSS contribution hike

THE House of Representatives' Committee on Government Enterprises and Privatization approved on Thursday a bill granting the President the...

LPA brings heavy rains over 3 Northern Luzon provinces — Pagasa

THE tail-end of a frontal system being fanned by a low pressure area (LPA) is bringing moderate to heavy...

Listed Metro Pacific Investments Corp.’s (MPIC) core net income fell to P5.3 billion in the first half of 2020 on the impact of lockdown measures aimed at curbing the spread of the coronavirus disease 2019 (Covid-19) in the country.

In a disclosure on Wednesday, the Pangilinan-led conglomerate said the figure, a 38-percent decrease from P8.7 billion in the same period last year, was driven by the community quarantines imposed by the government in the period.

These lockdowns, it added, reduced toll road traffic, suspended rail services and cut commercial and industrial demand for water and power.

“The decline in our half-year earnings is mainly due to the government’s Covid-19 movement restrictions, which affected transportation and transportation-related businesses. Our power and water operations fared much better,” MPIC Chairman Manuel V. Pangilinan was quoted as saying in the disclosure.

The firm’s consolidated net income attributable to shareholders dropped to P3 billion in January to June from P8.1 billion, attributed to its lower core income and the Manila Electric Co.’s (Meralco) provisioning against the carrying value of Pacific Light Power, a gas-fired power plant in Singapore.

Its power businesses accounted for 68 percent or P5.2 billion of net operating income; water segment, 23 percent or P1.8 billion; and toll road business, 12 percent or P900 million.

MPIC’s other businesses, mainly hospitals, rail and logistics, incurred a P236-million loss.

The power business posted a 14-percent decrease in its net income contribution in the period on account of reduced contributions from Meralco and Global Business Power Corp.

Meralco’s core net income declined by 14 percent to P10.6 billion in the first six months, while Global Power saw a 9-percent decline in its core net income to P1.1 billion.

Metro Pacific Tollways Corp. recorded a 62-percent drop in its core net income to P900
million from P2.4 billion year-on-year.

The water segment contributed P1.8 billion to the core net income, most of which from Maynilad Water Services Inc.

Light Rail Manila Corp. incurred a P175-million loss during the period because of the suspension of mass transportation operations as part of lockdown measures.

The impact of the pandemic and quarantine also dragged Metro Pacific Hospital Holdings Inc.’s consolidated core income by 93 percent to P46 million in the period.

MPIC shares inched up by 1.3 percent or 4 centavos to finish at P3.11 each on Wednesday.



Today's Front Page