MPIC Q1 core profit rises on power, healthcare gains

METRO PACIFIC Investments Corp. (MPIC) reported a 5% increase in first-quarter (Q1) core net income to P6.9 billion from P6.6 billion a year earlier, driven mainly by stronger contributions from its power and healthcare segments, which offset weaker water earnings following the dilution of its stake in Maynilad Water Services, Inc.

In a statement on Tuesday, the infrastructure conglomerate said contribution from operations rose 4%, supported primarily by higher generation output from its power business and increased patient volumes in its healthcare segment.

The company said lower water contribution partly offset these gains after the dilution of its ownership in Maynilad following the utility’s listing in November last year.

Reported net income declined year on year due to the absence of a one-time gain from the disposal of Philippine Coastal Storage and Pipeline Corp. booked in the prior year.

“Even in a more challenging environment, demand for essential services remains steady. Our priority is to keep our operations running reliably and continue serving the communities that depend on us,” MPIC Chairman, President and Chief Executive Officer Manuel V. Pangilinan said.

“We remain disciplined, managing our costs carefully, and making sure we deliver where it matters most. If we stay focused on execution and service, we are confident our businesses will remain resilient,” he added.

Power was MPIC’s largest contributor, accounting for P5.1 billion or 62% of net operating income (NOI). Water and toll roads contributed P1.5 billion and P1.4 billion, respectively, representing a combined 36% of NOI.

Manila Electric Co. (Meralco) posted a 2% increase in consolidated core net income to P11.4 billion, supported by stronger contributions from its power generation and other businesses.

Meralco’s revenues rose 5%, driven by higher pass-through charges, improved retail electricity sales, and stronger generation revenues following a 25% increase in energy delivered.

“Higher pass-through charges reflected elevated generation costs, primarily due to ERC-approved contract price adjustments relating to fuel cost recoveries and peso depreciation,” the company said.

Maynilad posted a 10% increase in core net income to P4 billion, driven by higher revenues and improved network efficiency.

Revenue rose 6% to P9.1 billion following a 3% tariff adjustment implemented in January and 2% growth in both connections and billed volume.

Non-revenue water improved to 32% from 34.9% following investments in leak detection, pipe replacement and network optimization.

Meanwhile, Metro Pacific Tollways Corp. reported flat core and reported net income as higher borrowing costs and depreciation offset gains from its increased ownership in NLEX Corp.

Toll revenues rose 14% to P9.9 billion, supported by tariff adjustments and traffic growth across the network.

Average daily vehicle entries increased 2% in the Philippines and 3% in Indonesia, while traffic volume in Vietnam declined 11%.

At the parent level, MPIC’s cash and cash equivalents and short-term investments rose to P9.4 billion as of end-March from P7.9 billion at end-2025, while net debt declined to P50 billion from P52.5 billion.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

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