Metro Pacific Investments Corp. (MPIC), the delisted conglomerate, said its double-digit income growth will continue in the third quarter.
June Cheryl Cabal-Revilla, the company’s CFO, also said the company is now on acquisition mode as its debt levels is at its lowest at P60 billion.
‘Our verticals (companies) are all doing good and its a plus point that Maynilad (Water Services Inc.) will have its IPO [initial public offering]. And then the power business is doing well,’ Revilla said.
‘And the smaller ones are also, you know, contributing in a way. When before, they were like negatives. Like Landco (Pacific Corp), is now contributing. M-Well, we didn’t have a platform before. Now, it’s really like booming.’
MWell has recorded positive earnings before interest, taxes, depreciation and amortization (EBITDA), but Revilla said the company would have been earning if not for the acquisition of Konsulta MD.
The company, she said had been asked to take mWell, or Metro Pacific Health Tech Corp., overseas, but they declined.
‘We said we’ll focus on the Philippines first because it’s where the country needs us the most. But there’s no stopping us from white labeling and wealth to other countries because they’ve never seen a fully integrated ecosystem in terms of healthcare.’
MPIC reported a 20-percent increase in consolidated core net income to P15 billion, during the first half of the year, compared to P12.5 billion for the same period last year.
Improved financial and operational performance across MPIC’s portfolio drove an 18 percent increase in contribution from operations to P17.5 billion, fueled by robust growth in Meralco’s power generation business, the implementation of higher tariffs at Maynilad and rising patient volumes across the Metro Pacific Hospitals network.
Among the company’s core businesses, Power continued to contribute the largest share at P11.2 billion or 64 percent of net operating income.
In comparison, water and toll roads contributed P3.8 billion and P3.3 billion, respectively, or 41 percent of net operating income.
‘Beyond financial performance, we are sharpening our focus on long-term value creation by scaling investments in areas where we can make the greatest impact-energy, food security, and inclusive infrastructure. The momentum is encouraging, and we intend to continue building on it,’ MPIC chairman, president and CEO Manuel V. Pangilinan said.