MPIC posts first quarterly earnings decline

Metro Pacific Investments Corporation (MPIC) reported its first-ever quarterly earnings decline due to the coronavirus pandemic.

Core net income dropped by 6% to P3.4 billion in Q1 2020, compared to P3.7 billion in Q1 2019.

MPIC president Jose Ma. Lim announced a halving of capital expenditures (capex) for 2020 from P160 billion to P80 billion due to the pandemic's impact on construction and transportation.

System-wide revenues fell by 6% to P87.8 billion, with toll roads seeing an 18% decrease in revenue and water and power demand dropping.