| PUBLICLY traded Metro Pacific Investments Corp. (MPIC) said Thursday it returned to profit in the first quarter of 2007 as it reported a core net income of P124.2 million from a loss of P13.0 million in the same period last year.
Including nonrecurring and exceptional items, its net income stood at P110.8 million, a 129-percent rise from P48.4 million in the same period in 2006.
MPIC attributed the improvement to the profit contribution from Maynilad Water Services Inc. and the improved performance of property developer Landco Pacific Corp. (Landco), two of its major investments.
Total revenues, meanwhile, went up 308 percent to P1.13 billion from P277.7 million last year.
“I think the most significant aspect of this is the recurring earnings of MPIC. Apart from Landco and Maynilad, once we complete our investment in Makati Medical Center, that would be another income contributor to the company as well. So at least now we have three major investments,” chairman Manuel V. Pangilinan said in an interview.
Very likely, he said, 2007 would be a good year for MPIC.
“Just looking at our core income, our guidance profit figure for the year would be between P400 to P450 million,” Pangilinan added.
DMCI-MPIC Water Co., which owns 84 percent of Maynilad, contributed an attributable net income of P136.3 million during the first quarter, representing MPIC’s share in the 50:50 joint venture water company.
As of end March, Maynilad registered a billed volume of 68.7-million cubic meters (MCM) up 11.6 percent from 61.6 MCM last year. As a result, nonrevenue water for the period declined 65.9 percent from 68.9 percent as at year-end.
MPIC’s property unit, Landco, for its part delivered an attributable net income of P12.0 million versus P2.6 million last year as strong sales from its Leisure and Resort projects continue to drive revenues. Sales increased 17 percent to P221.1 million from P189.7 million.
Meanwhile, Medical Doctors Inc., which owns and operates the Makati Medical Center, and MPIC have agreed for the latter to subscribe up to P750 million in convertible subordinated notes that is on offer by
Makati Med to fund in part its new medical building and to upgrade existing hospital facilities and equipment.
MPIC’s investment would be completed next week. Upon conversion of MPIC’s subscription would represent around 33-percent ownership in Makati Med.
In a related development, the MPIC board approved the increase in the company’s authorized capital stock from P4.6 billion to P10.0 billion.
The increase is being made to accommodate investments in Makati Med and Maynilad; comply with PSE requirements; and future investments,” president Jose Ma. Lim. said.
| 
No comments:
Post a Comment