Power and infrastructure conglomerate Metro Pacific Investments Corp. is expected to report higher third-quarter earnings despite the difficult economic environment.
A top MPIC executive said over the weekend core subsidiaries—toll road, water and power—registered strong volume in the third quarter amid rising costs.
“The volume and demand remain strong because we offer basic services,” the executive said.
The executive said with the strong third-quarter results, the group remained “on track” to meet the 2022 core net income target. The company is set to report its third-quarter income next month.
MPIC had said it expected full-year core net income to “at least approach” the 2019 pre-pandemic level, or slightly above P15 billion, and better than P12.3 billion it booked in 2021.
MPIC reported a core net income of P7.5 billion in the first half, up 24 percent from P6 billion a year ago.
Power accounted for P5.9 billion or 60 percent of net operating income. This was followed by toll roads which contributed P2.5 billion and water which accounted for P1.4 billion.
Other businesses—real estate, hospitals, fuel storage and light rail—incurred a net loss of P35 million in the six-month period.
The conglomerate recently expanded into agriculture sector with the acquisition of a 51-percent interest in The Laguna Creamery Inc., the company behind The Carmen’s Best Ice Cream.
The group seeks to ramp up investments in the agricultural sector and reduce the country’s dependence on food imports amid the global supply chain disruptions and high inflation.
MPIC’s parent firm First Pacific Holdings Co. Ltd. has a controlling stake in Roxas Holdings Inc. which is engaged in sugar production.
