| By Zinnia B. Dela Peña (The Philippine Star) Updated March 04, 2011 12:00 AM |
MANILA, Philippines – Metro Pacific Investments Corp. (MPIC), the local flagship of Hong Kong-based conglomerate First Pacific Co. Ltd., said yesterday its core net income jumped 88 percent last year to P3.86 billion from P2.05 billion in 2009, mainly due to full year earnings contribution from Manila Electric Co. as well as robust growth from its water and tollroads businesses.
In a press briefing yesterday, MPIC president Jose Ma. K. Lim said the consolidated reported net income, which reflects net foreign exchange loss and other non-recurring losses of P985 million, amounted to P2.87 billion or an increase of 25 percent from the previous year.
Maynilad Water Services Inc. accounted for P2.39 billion or 44 percent of MPIC’s total income while Meralco plunked in P1.49 billion or 27 percent. Metro Pacific Tollways Corp. chipped in P1.43 billion, representing 26 percent of net profit, while the hospital group contributed P172 million or three percent.
Given its strong performance, MPIC declared a cash dividend of P1.50 per share, bringing total dividends for 2010 to P2.50 each.
“Our full year numbers give us a strong indication of solid growth at the Philippines’ premier listed infrastructure company as MPIC delivers healthy and sustainable returns to shareholders,” MPIC chairman Manuel V. Pangilinan said.
“MPIC is well poised to pursue further infrastructure opportunities, to improve operational and service efficiencies and help boost the economy,” he added.
David Nicol, chief finance officer of MPIC, said the company has earmarked P22 billion for its capital expenditures this year, half of which, or P11 billion, will go to Meralco, P9.5 billion to P10 billion for Maynilad, and the balance for the tollroads business.
To mark its entry into the power generation business, the group, through Meralco, expects its planned 150-megawatt (MW) combined cycle diesel/gas to come on line by the second quarter of 2012. Meralco is also close to signing a joint venture deal involving a 300-MW base-load coal plant, slated for completion by 2014-2015.
For the tollroads business, Lim said the group will start construction of the Harbour Link (Segments 9 and 10 of the North Luzon Expressway) by the fourth quarter of 2011. Segment 9 will connect the McArthur Highway in Valenzuela all the way to the North Luzon Expressway while Segment 10 will link the same highway to Port Area, Manila.
Estimated to cost P8 billion, the Harbour Link is seen to reduce travel time for motorists accessing NLEX upon completion in 2014.
Metro Pacific Tollways Corp. is also expected to complete the take-over of the Subic-Clark-Tarlac Expressway concession before the end of April this year. This would require an investment of P1.5 billion over six to seven years.
Lim said the government is also awaiting the Swiss auction of the Connector Road, a 13-kilometer, four-lane elevated expressway using a new construction technology that will connect the Harbour Link to South Luzon Expressway at Buendia in Makati City.
Aside from this, MPTC is also interested in bidding for the CALA Expressway, a 27.5-kilometer road extending MCEE. The project, estimated to cost P11.8 billion, will be bid out by December 2011.
For the hospitals business, the group remains on the lookout for acquisitions with its network seen to reach 15 in three or four years in line with its goal to hit P1-billion core income and P10 billion in revenues.
Its medical services portfolio now comprises Makati Medical Center, Cardinal Santos Medical Center, and Our Lady of Lourdes Hospital in Metro Manila, Riverside Medical Center in Bacolod and Davao Doctors Hospitals in Davao.
Given a difficult business environment owing to surging fuel prices, MPIC is cautiously optimistic about business prospects this year. Pangilinan explained that there is still some growth across all businesses but the growth has been slower compared to last year.
In a press briefing yesterday, MPIC president Jose Ma. K. Lim said the consolidated reported net income, which reflects net foreign exchange loss and other non-recurring losses of P985 million, amounted to P2.87 billion or an increase of 25 percent from the previous year.
Maynilad Water Services Inc. accounted for P2.39 billion or 44 percent of MPIC’s total income while Meralco plunked in P1.49 billion or 27 percent. Metro Pacific Tollways Corp. chipped in P1.43 billion, representing 26 percent of net profit, while the hospital group contributed P172 million or three percent.
Given its strong performance, MPIC declared a cash dividend of P1.50 per share, bringing total dividends for 2010 to P2.50 each.
“Our full year numbers give us a strong indication of solid growth at the Philippines’ premier listed infrastructure company as MPIC delivers healthy and sustainable returns to shareholders,” MPIC chairman Manuel V. Pangilinan said.
“MPIC is well poised to pursue further infrastructure opportunities, to improve operational and service efficiencies and help boost the economy,” he added.
David Nicol, chief finance officer of MPIC, said the company has earmarked P22 billion for its capital expenditures this year, half of which, or P11 billion, will go to Meralco, P9.5 billion to P10 billion for Maynilad, and the balance for the tollroads business.
To mark its entry into the power generation business, the group, through Meralco, expects its planned 150-megawatt (MW) combined cycle diesel/gas to come on line by the second quarter of 2012. Meralco is also close to signing a joint venture deal involving a 300-MW base-load coal plant, slated for completion by 2014-2015.
For the tollroads business, Lim said the group will start construction of the Harbour Link (Segments 9 and 10 of the North Luzon Expressway) by the fourth quarter of 2011. Segment 9 will connect the McArthur Highway in Valenzuela all the way to the North Luzon Expressway while Segment 10 will link the same highway to Port Area, Manila.
Estimated to cost P8 billion, the Harbour Link is seen to reduce travel time for motorists accessing NLEX upon completion in 2014.
Metro Pacific Tollways Corp. is also expected to complete the take-over of the Subic-Clark-Tarlac Expressway concession before the end of April this year. This would require an investment of P1.5 billion over six to seven years.
Lim said the government is also awaiting the Swiss auction of the Connector Road, a 13-kilometer, four-lane elevated expressway using a new construction technology that will connect the Harbour Link to South Luzon Expressway at Buendia in Makati City.
Aside from this, MPTC is also interested in bidding for the CALA Expressway, a 27.5-kilometer road extending MCEE. The project, estimated to cost P11.8 billion, will be bid out by December 2011.
For the hospitals business, the group remains on the lookout for acquisitions with its network seen to reach 15 in three or four years in line with its goal to hit P1-billion core income and P10 billion in revenues.
Its medical services portfolio now comprises Makati Medical Center, Cardinal Santos Medical Center, and Our Lady of Lourdes Hospital in Metro Manila, Riverside Medical Center in Bacolod and Davao Doctors Hospitals in Davao.
Given a difficult business environment owing to surging fuel prices, MPIC is cautiously optimistic about business prospects this year. Pangilinan explained that there is still some growth across all businesses but the growth has been slower compared to last year.
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