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Metro Pacific Investments Corporation (MPIC) reported a turnaround and chalked up a core net income of P124.2 million for the first three months of 2007, before non-recurring income, from a restated net loss of P13 million for the same period last year.
Including non-recurring and exceptional items, MPIC’s net income stood at P110.8 million in the first quarter of 2007, a 129 percent increase from the restated net profit of P48.4 million in the first quarter of 2006.
The restatement is due to Landco’s change in revenue recognition policy to the installment method used in prior year to percentage completion and the sale of MPIC’s 83.96 percent interest in Negros Navigation Company, Inc.
The substantial improvement in net income is attributable mainly to the profit contribution from Maynilad Water Services, Inc. and the improved performance of Landco, two of MPIC’s major investments.
"The positive results for the first quarter come primarily from core or recurring operations. This is a significant development for MPIC because our financial position is beginning to get based on recurring profit streams rather than exceptional, one-off gains. As well, our improving performance is becoming of a sustainable nature," said MPIC president Jose Ma. Lim.
Total revenues rose by 308 percent to P1.13 billion this year from P277.7 million last year. Cost of sales and operating expenses increased 190 percent to P894.9 million from P308.9 million.
DMCI-MPIC Water Company, which owns 84 percent of Maynilad, contributed an attributable net income of P136.3 million during the first quarter, representing MPIC’s ratable share in the 50:50 joint venture Water Company.
Maynilad continued to benefit from its efforts to improve efficiencies in operations and increase billed water volume.
As of March 2007, Maynilad registered a billed volume of 68.7 MCM (million cubic meters) up 11.6 percent from 61.6 MCM last year while non-revenue water (NRW) declined to 65.9 percent from 68.9 percent as at yearend.
In line with billed volume growth, first quarter revenues grew to P1.82 billion from P1.60 billion last year. Coupled with a tight control of expenses and lower interest charges, Maynilad’s net income grew 31 percent to P440 million.
Landco Pacific Corporation contributed an attributable net income of P12 million to MPIC versus P2.6 million last year as strong sales from its Leisure and Resort projects continue to drive revenues. (JAL)
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