For the first time, MPIC quarterly earnings fall, capex halved

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Despite the harsh earnings dip in the 1st quarter of 2020, Metro Pacific Investments Corporation chairman Manny Pangilinan says workers' welfare comes first over profitability. COVID19PH

, posted a steep 54% decline in net income from P5.7 billion in the 1st quarter last year to P2.6 billion in the same period in 2020.

Meanwhile, Global Power recorded a 10% rise in core net income to P439 million in the 1st quarter, as volume recovered from maintenance shutdowns in 2019 and Alsons Thermal Energy contributed more during the quarter.Metro Pacific Tollways Corporation suffered an 18% drop in its core net income during the quarter due to the implementation of the ECQ and higher interest costs on increased borrowings.

It earned P900 million during the quarter from P1.1 billion a year ago, as system-wide vehicle entries dropped to just over 844,000 from 914,000 last year. MPTC said completion of several projects had to be pushed back due to the lockdown. It expects to spend P107 billion to complete current projects, with an additional P25 billion if it secures the Cavite-Tagaytay-Batangas Expressway project.MPIC's Maynilad Water Services reported a net income of P1.6 billion, 12% lower than in the same quarter last year.Revenues fell flat at P5.7 billion, as lower average tariffs were able to offset increased billed volume.

 

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