Metro Pacific Investments Corp. (MPIC), the Philippine investment holding unit of Hong Kong-based First Pacific Co. Ltd., saw its reported net income attributable to equity holders increase 7 percent to P24.8 billion in the first nine months of the year, up from P23.1 billion recorded in the same period a year ago.
The growth was largely driven by higher energy sales and improved performance of power generation companies, as well as increased contribution from a water utility firm, based on the unaudited report disclosed by First Pacific.
The nine-month reported net income was boosted by a one-time gain from the sale of Philippine Coastal Storage & Pipeline Corp.
Excluding nonrecurring income and expenses, MPIC reported core net income rose 13.5 percent to P23.6 billion from P20.8 billion.
During the period, Manila Electric Co.’s core net income contribution to MPIC reached P17.6 billion, up 15 percent year-on-year.
Water utility firm Maynilad Water Services Inc. also delivered higher net income contribution, mainly from tariff adjustments implemented in January 2025.
Core net income contribution of toll road unit Metro Pacific Tollways Corp. dropped 8 percent to P4.4 billion as higher traffic and toll rate increases were offset by higher interest expenses.
Railway unit Light Rail Manila Corp. (LRMC) registered higher losses of P436 million despite higher average daily ridership. The increased losses were largely due to additional amortization on concession assets related to the five new LRT stations inaugurated in November 2024.
Because of the losses, MPIC chairman Manuel Pangilinan last week hinted at plans to divest its 35.8 percent stake in LRMC.
MPIC also has investments in the agriculture and health care sectors.
Aside from MPIC, First Pacific also has investments in other Philippine companies, including PLDT Inc., Philex Mining Corp. and Roxas Holdings Inc.
