In a filing to the Philippine Stock Exchange on Thursday, MPIC said core net income in the six months to June rose 38 percent to P2.66 billion, buoyed by growth from its water utility unit, Maynilad Water Services Inc., and contributions from Manila Electric Co. (Meralco).
MPIC said reported net income, which includes net foreign exchange loss and non-recurring losses of P701 million, was up 12 percent to P1.96 billion. Revenues also increased 19 percent to P10.59 billion.
“The positive results for the first half [of] this year reflect with the strong operating efficiencies, highly focused customer service and strict cost discipline at all our portfolio companies,” MPIC chairman Manuel V. Pangilinan said in a statement.
“Reflecting our strong operating results during the period, we are guiding our core profitability for the year 2011 at P4.8 billion,” he said.
The company said all units reported higher profits, except for toll road subsidiary Metro Pacific Tollways Corp. (MPTC), whose net income declined 4 percent in the first half which it attributed to the expiry of its income tax perks.
MPIC said Maynilad, which it operates together with Consunji-led DMCI Holdings Inc., accounted for P1.55 billion or 45 percent of the aggregate core net income. Meralco contributed P1.09 billion or 31 percent.
MPTC, operator of the North Luzon Expressway, added P720 million or 21 percent of core net income.
MPIC’s smallest unit is the hospital group, which includes Makati Medical Center, Cardinal Santos Medical Center, and Our Lady of Lourdes Hospital in Metro Manila; Riverside Medical Center Inc. in Bacolod; and Davao Doctors Hospital Inc. in Davao. The hospital group contributed P99 million or 3 percent of total core net income, the company said.
“All our companies, including MPTC on a pre-tax basis, achieved significant growth in profitability during the first half of 2011 and the outlook for the year as a whole is equally positive,” said Jose Ma. K. Lim, MPIC president and chief executive officer, in the same statement.
In a meeting held today, the board of directors of MPIC declared a cash dividend of 1 centavo per common share, payable to stockholders as of the record date of August 18 and payable on September 15.
MPIC shares lost 0.28 percent to P3.56 each on Thursday’s close. The company is the Philippine unit of Hong Kong-based conglomerate First Pacific Co. Ltd.
