Consolidated Reported Net Income attributable to owners of the parent company, which reflects a loss of P19 million for non-recurring charges, stood at P1 .57 billion in the first quarter of 2012 compared with P820 million for the first quarter of 2011, an improvement of 91%.
The rise in Core Net Income is due mainly to higher profit contributions from Maynilad Water Services, Inc. ("Maynilad”) and from Manila Electric Company ("MERALCO”) as well as the benefit from recent investments in the hospital group together with lower interest costs at MPIC parent company. Maynilad reported higher billed volume and tariffs while MERALCO benefitting from higher volumes.
Maynilad accounted for P862 million or 46% of the aggregate contribution to Core Net Income by MPIC’s portfolio companies, representing MPIC’s attributable interest in Maynilad’s own Core Net Income. MERALCO contributed P534 million or 28%, while MPTC delivered P367 million or 19% of Core Net Income. The Hospital Group contributed P124 million or 7% of the total.
"All our businesses achieved strong growth in profitability for the first quarter. We are well placed for continued growth in the rest of 2012, and I am encouraged by the generally buoyant economic conditions we are enjoying” said Jose Ma. K. Lim, MPIC President and Chief Executive Officer.
"The strong results for the first quarter reflect significant service level improvements and efficiency gains for all our operating companies,” said MPIC Chairman Manuel V. Pangilinan. "We are striving to accelerate momentum in our new projects. The full year earnings outlook is encouraging and I believe it appropriate to guide our shareholders towards full year Core Net Income of up to P6 billion”.