Makati–(PHStocks)–Metro Pacific Investments Corp. (MPIC) (PSE: MPI) has announced consolidated core net income of PhP5.1 billion for the year ended 31 December 2011, an improvement of 32% over the PhP3.86 billion recorded in 2011.
Consolidated reported net income attributable to owners of the parent company, which reflects a net foreign exchange loss and non-recurring items of PhP42 million, stood at PhP5.06 billion in 2011 compared with PhP2.87 billion in 2010, an improvement of 76%.
The rise in core net income is due mainly to higher profit from Maynilad Water Services Inc. (Maynilad) and from Manila Electric Co. (MERALCO) (PSE: MER) as well as a strong performance across the Hospital Group. Maynilad reported higher billed volume and tarriffs. MERALCO also benefitted from higher tarriffs. Metro Pacific Tollways Corp. (MPTC) (PSE: TOL) managed to deliver 2011 earnings little changed from a year earlier despite the expiry of its income tax holiday at the end of 2010.
Maynilad accounted for PhP3.1 billion or 48% of the aggregate contribution to core net income by MPIC’s portfolio companies, which represent MPIC’s attributable interest in Maynilad’s own core net income. MERALCO contributed PhP1.69 billion or 26% while MPTC delivered PhP1.46 billion or 22% of core net income. The Hospital Group contributed PhP0.25 billion or 4% of the total.
All our companies achieved strong growth in profitability for 2011 and are well-placed for continued growth in 2012,” said Jose Ma. K. Lim, MPIC President and Chief Executive Officer. “The equity raising we undertook last July has been partly deployed into our investments in Asian Hospital and MERALCO; and we are well-placed to fund further investments from our existing capital base. Our final dividend for 2011 is 1.50 centavos per share, bringing the dividends for the full year to 2.50 centavos per share. In the years to 2015, we will gradually increase our dividend pay-out ratio toward 25% of Core Net Income.”