MPIC reports 36% Q1 net income growth, driven by power and water gains

Metro Pacific Investments Corp. (MPIC) reported a 36% increase in first-quarter net income to P11.5 billion, driven by gains from its power and water businesses.

Operating revenue climbed to P19.3 billion, while consolidated core net income rose by 17% to P6.6 billion.

Manuel V. Pangilinan, MPIC’s chairman and CEO, attributed the strong performance to solid execution of strategic initiatives across power, water, toll roads, and healthcare businesses.

Meralco grew its net income during the period by 9% to P10.4 billion as energy sales increased, while Maynilad Water Services reported a 6% increase in revenues due to an 8% tariff hike implemented in January.

Metro Pacific Tollways Corp., however, saw a decline in earnings to P1.5 billion, but toll revenue increased by 16%. Lower expenses and higher interest income resulted in Maynilad's core net income expanding by 17%.