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In a disclosure to the Philippine Stock Exchange on Tuesday, MPIC said its net income , which included net non-recurring gains, rose by 69 percent to P552 million this year, against a restated net income of P 326 million in 2008.
?The first quarter results of MPIC in 2009 ? which were well ahead of 2008 ? provide us with a great deal of optimism that our full year numbers will rise significantly compared with last year?s. Earlier this year, we gave guidance of core net income for 2009 at P1.2 billion versus P347 million last year,? said MPIC chairman Manuel V. Pangilinan.
?However, it is likely that we will guide our 2009 Core Net Income at a level higher than originally provided. We will have a clearer idea of our latest guidance profit number when MPIC announces its first six months results sometime in August of this year,? he further said.
The company also said that the 2008 figures had been restated to reflect the impact of International Financial Reporting Committee?s Interpretation 12 (IFRIC 12) or ?Service Concession Arrangements? - on the water concession company, and the non-consolidation of Landco Pacific Corp.(?Landco?) on a line-by-line basis.
Net income of subsidiary Maynilad Water Services Inc. (Maynilad) reached P695 million, contributing P245 million to MPIC?s core net income.
Net income of Metro Pacific Tollways Corp.(MPTC) for the first quarter of 2009 amounted to P312 million, with core income attributable to MPIC at about P309 million.
While MPIC?s hospital group, which includes Medical Doctors Inc. (MDI) owner and operator of the Makati Medical Center and Colinas Verdes Hospital Managers Corp.(CVHMC), operator of Cardinal Santos Medical Center and a wholly owned by subsidiary of MDI, netted a total of P126 million revenue for the first quarter and contributed P42 million to MPIC?s total net income.
?The strong operational performance, driven by the new consolidated contribution of our toll road business in MPTC, and the improved financial results of our other subsidiaries and affiliates, reflect MPIC?s continuing growth story and value creation. These encouraging results are indicative of a robust result for the year? said MPIC president and chief executive Jose Ma. K. Lim. (PNA)
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