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 yr 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 press release 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 corporate said lower water contribution partly offset these gains after the dilution of its ownership in Maynilad following the utility’s listing in November last yr.
Reported net income declined yr on yr because of the absence of a one-time gain from the disposal of Philippine Coastal Storage and Pipeline Corp. booked within the prior yr.
“Even in a more difficult environment, demand for essential services stays regular. Our priority is to maintain our operations running reliably and proceed serving the communities that rely on us,” MPIC Chairman, President and Chief Executive Officer Manuel V. Pangilinan said.
“We remain disciplined, managing our costs rigorously, and ensuring we deliver where it matters most. If we stay focused on execution and repair, we’re 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 because of ERC-approved contract price adjustments regarding fuel cost recoveries and peso depreciation,” the corporate said.
Maynilad posted a ten% 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 a couple of% growth in each connections and billed volume.
Non-revenue water improved to 32% from 34.9% following investments in leak detection, pipe substitute 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 day by day vehicle entries increased 2% within the Philippines and three% in Indonesia, while traffic volume in Vietnam declined 11%.
On the parent level, MPIC’s money and money 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 certainly one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Alexandria Grace C. Magno