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Friday, March 29, 2024

MPIC expects core earnings to top P10b

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Infrastructure conglomerate Metro Pacific Investments Corp. said Wednesday it expects 2020 core net income to reach over P10 billion, lower by 35.9 percent than the P15.6-billion core net income it reported in the same period last year.

Metro Pacific president Jose Ma. Lim said in a virtual press briefing that core net income in the first nine months reached P7.7 billion, down by 38 percent from P12.5 billion in the same period last year because of the impact of the pandemic on hospital, toll road, water and power businesses.

The group posted P2.4 billion in core net income in the third quarter, or 26.3 percent higher than the core net income it booked in the second quarter when quarantine measures were at their most stringent.

Lim said the improvement in third-quarter core earnings was largely due to the recovery in traffic volume in its toll road business. The growth in volume from power and water businesses, however, remained weak because of decreased commercial and industrial demand.

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