MPIC 2010 Core Net Income Up 88%

Metro Pacific Investments Corp. (MPIC, PSE: MPI) has announced consolidated core net income of PhP3.86 billion for the full year ended 31st December 2010, an improvement of 88% over PhP2.05 billion in 2009 as a result of the inclusion of Manila Electric Co. (MERALCO, PSE: MER) and continuing improvements at most operating companies.

Consolidated net income attributable to the company, which reflects net foreign exchange loss and other non-recurring losses of PhP985 million, stood at PhP2.87 billion for 2010, up 25% from PhP2.3 billion the previous year.

The improvement in core net income is attributable to higher profit contributions from: Maynilad Water Services Inc. (Maynilad) as a result of higher billed volumes and tariffs; Metro Pacific Tollways Corp. (MPTC, PSE: TOL) due to higher average daily traffic and lower maintenance and to the first full year profit contribution from Meralco. Maynilad accounted for PhP2.39 billion or 44% of the aggregate net profit contribution from MPIC’s portfolio companies, representing MPIC’s attributable interest in Maynilad’s net income. Meralco contributed PhP1.49 billion or 27% of MPIC’s net profit, while MPTC added PhP1.43 billion or 26% of net profit. MPIC’s investments in the Hospital Group contributed PhP172 million or 3% of the total.

“Maynilad, MPTC and Meralco each achieved significant growth in core net income for 2010 while continuing to roll out improved services to their customers,” said Jose Ma. K. Lim, MPIC President and Chief Executive Officer. “In the light of our 88% growth in core net income for last year, I am pleased to say we have declared a final cash dividend for the year of 1.50 centavos per share, which brings the dividend for 2010 to 2.50 centavos per share.”