Metro Pacific Investments Corp. (MPIC) reported a 5-percent increase in first-quarter core net income as steady performance from its power generation and healthcare units offset lower contributions from its water business.
The infrastructure conglomerate said Wednesday that consolidated core net income rose to P6.9 billion from P6.6 billion a year earlier. Income from operations grew 4 percent during the period.
Stronger generation output and higher patient volumes supported the growth. These gains were partly tempered by the dilution of the company’s stake in Maynilad Water Services Inc following its listing in November 2025.
Power remained the primary earnings driver, contributing P5.1 billion or 62 percent of net operating income. Water and toll roads contributed P1.5 billion and P1.4 billion respectively, accounting for a combined 36 percent.
The company said reported net income declined year-on-year because of the absence of a one-off gain from the disposal of Philippine Coastal Storage and Pipeline Corp recorded in 2025.
Among its core units, Manila Electric Company posted a 2-percent increase in consolidated core net income to P11.4 billion. The utility benefited from higher electricity sales and stronger generation revenues.
Maynilad’s revenues climbed 6 percent to P9.1 billion, led by a tariff adjustment and growth in billed volume. Core net income for the water unit rose 10 percent to P4 billion as network efficiency investments reduced non-revenue water to 32 percent from 34.9 percent.
Metro Pacific Tollways Corp. recorded a 14-percent increase in toll revenues to P9.9 billion due to tariff hikes and higher traffic. However, core and reported net income remained flat as higher borrowing costs and depreciation offset gains from increased ownership in NLEX.
“Even in a more challenging environment, demand for essential services remains steady,” Metro Pacific chairman, president and chief executive Manuel Pangilinan said.
“If we stay focused on execution and service, we are confident our businesses will remain resilient,” he said.
