MPIC’s H1 core profit down 38%

Metro Pacific’s NLEX tollroad PHOTO FROM MPIC.COM.PH

Infrastructure holding firm Metro Pacific Investments Corp. (MPIC) booked a 38-percent year-on-year drop in first semester net profit to P5.3 billion as coronavirus pandemic-related lockdown measures battered most of its businesses, especially during the second quarter.

For the second quarter alone, MPIC’s core profit declined by 62 percent year-on-year to P1.9 billion as the quarantine on Metro Manila and key regions reduced toll road traffic, mandated the suspension of rail services, and decreased commercial and industrial demand for water and power.

Six-month consolidated attributable net income slid by nearly 63 percent year-on-year to P3 billion for the first half, due to the lower core income alongside Manila Electric Co. (MERALCO)’s provisioning against the carrying value of Pacific Light Power, a gas-fired power plant in Singapore.

Power accounted for P5.2 billion or 68 percent of net operating income while water contributed P1.8 billion or 23 percent. Tollroads contributed P900 million or 12 percent, while MPIC’s other business – hospitals, rail, and logistics – incurred a loss of P236 million.

MPIC president Jose Ma. Lim said: “We have come through a difficult first half in decent financial shape.”