May 08, 2013

MPIC posts 23% hike in core income in Q1

MPIC said its core income, which strips off non-recurring gains, jumped 23% YOY to P1.9 B in first quarter while reported net income rose 13% to P1.8 B. In terms of contribution, Maynilad accounted for P1.01 B of MPIC’s operating income, followed by Meralco at P779 M, MPTC at P438 M and hospitals at P141 M.

Billed volume of West Zone concessionaire Maynilad inched up 2% as the number of customers climbed 6% to 1.08 million as of end-March compared with a year ago, while rates rose 6.6%. Meralco, for its part, grew its income 18% to P4 B due mainly to an increased average distribution tariff together with a 1% increase in energy sales to 7,777 gigawatt hours.

The average distribution charge for the first quarter hit P1.63 per kilowatt-hour (kwh), up from P1.49 per kwh a year ago. Toll road operator MPTC reported a 19% increase in its core income to P450 M due to greater traffic in the North Luzon Expressway (NLEX) and Cavite Expressway (Cavitex), Lim said. MPIC’s hospital business, the largest healthcare group in the country, posted a 13% growth in aggregate core income to P219 M in the first quarter.

In March, Meralco announced the acquisition of an effective 28% stake in GMR Energy (Singapore) Pte. Ltd., which owns two 400-megawatt liquefied natural gas facility in Singapore. MPIC hiked its spending budget this year to P42 B as the Singapore power plant will require P8 billion in investments. - WealthSec