By VG Cabuag - March 1, 2018
METRO Pacific Investments Corp. (MIPC)
on Thursday said its consolidated net income rose 17 percent to P14.1 billion,
from last year’s P12.1 billion, mainly on higher revenues on power as a result
of its increased investments in both power distribution and generation.
Revenues grew 11 percent to P373
billion, from P335 billion last year.
In terms of contribution to the
company’s net operating income, power accounted for P9.4 billion, or half of
the aggregate contribution. MPIC’s toll-roads business contributed P3.9
billion, or 22 percent, of the total while its water business, which includes
distribution, production and sewerage treatment, contributed P3.7 billion, or
21 percent, of the total.
MPIC’s hospital group contributed
P685 million, or 4 percent, of the total while its rail, logistics and systems
group delivered P150 million, or 1 percent, of the total.
The company said it is allocating
some P76.9 billion in capital expenditures this year. MPIC said the amount
includes P38.9 billion for acquisitions.
“We continue with our mission to
build and operate well run and needed infrastructure, offering good value for
the public,” MPIC Chairman Manuel V. Pangilinan said. The hard work, dedication
and focus on customer service of our many employees is reflected in improving
service metrics of all our operations.”
Pangilinan added the company is
“doing [its] best to support the ‘Build, Build, Build’ agenda of the
government.”
“However, our investors, many of
whom are hardworking Filipino savers and pensioners, by the way, and our
creditors need confidence that our various concession and franchise agreements
will be observed,” he said. “We are working hard to resolve these matters. It
is our hope that our partners in the government could come along with us in the
spirit of partnership in which our various projects were conceived.”
Last year group-wide capital
expenditure was at P38 billion and spending some P38.9 billion in new
investments in power sector, and expanding into new markets, including
Indonesia.
“Our earnings growth reflects
significant volume increases for all our businesses, supported by years of high
investment, together with our continuing emphasis on operational efficiencies,”
MPIC President and CEO Jose Ma. K. Lim said.
The company said it had about P185
billion worth of unsolicited proposal to the government. The bulk of the
proposal is the three projects in toll roads worth P140 billion, a total of P18
billion in water, some P15 billion in waste-to-energy projects and P12 billion
for the possible operation and maintenance of the Metro Rail Transit (MRT) Line
3.
Lim said the company is not keen on
bidding for the combined 22-percent stake of the Land Bank of the Philippines
and Development Bank of the Philippines in MRT 3 that is being put on sale
since it has a proposal to the government.
“We want that concession agreement
first,” Lim said.
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