Metro Pacific Investments Corp. said Wednesday net income fell 5 percent in the first nine months to P11.8 billion from P12.88 billion in the same period last year as the company felt the impact of higher interest costs and foreign exchange losses.
The company said, however, that nine-month core net income improved 2.5 percent to P12.5 billion from P12.2 billion as core businesses posted a 6-percent growth in earnings contribution.
Power accounted for P9.0 billion or 55 percent of net operating income followed by toll roads with P3.7 billion, water with P3.2 billion and hospitals with P681 million.
“Our 6-percent growth in contribution from operations is due to meaningful volume increases in our businesses, and the quality of our management in raising operating efficiencies,” said MPIC president and chief executive Jose Ma. Lim.
MPIC chairman Manuel Pangilinan said he was expecting the 2019 core net income to exceed the P16.1 billion posted in 2018.