11-6-13 2:13 AM EST | Email Article
   By Cris Larano 
 

MANILA--Philippine conglomerate Metro Pacific Investments Corp. (MPI.PH) said Wednesday that net profit in the nine months through September rose 5% from the year-earlier period, aided by steady growth in the earnings of its tollroad, water utility and power distribution businesses.

Metro Pacific said January-September net profit rose to 5.24 billion Philippine pesos ($121 million) from PHP4.99 billion, while operating revenue during the period increased 11% to PHP22.88 billion from PHP20.54 billion. It said bottomline growth would have been higher if not for larger one-off charges that total PHP377 million this year compared with PHP36 million in the year-earlier period.

Core profit, excluding one-off items, for the nine-month period rose 12% on year to PHP5.6 billion.

Metro Pacific is projecting full-year core profit to reach PHP7 billion.

Jose Lim, president of Metro Pacific, said the strong core profit growth ensures a good performance for the whole of 2013.

"We are currently reviewing the outlook for 2014, and the only restraint on our optimism is concern over regulators' management of water tariffs and road tolls," he said in a statement.

 

Write to Cris Larano at cris.larano@dowjones.com

 

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(END) Dow Jones Newswires

November 06, 2013 02:13 ET (07:13 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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Morningstar - - Metro Pacific Investments 9-Month Net Profit PHP5.24 Billion, up 5% on Year
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