The consolidated core net income of Metro Pacific Investments Corporation plunged by 34% to P10.2 billion in 2020, largely due to the effects of the coronavirus pandemic on its businesses.
As COVID-19 cases surged last year, MPIC subsidiaries took a hit from the reduced toll road traffic, suspended and later limited rail services, and the decreased demand for water and power. Revenues declined by 14% to P367.3 billion year-on-year as contributions from operations dove by 26% to P15.3 billion.and 4th quarter results in 2020 showed gradual recovery with the easing of quarantine restrictions.
"It is difficult to ascertain the pace of growth in economic activity so we believe it is prudent to ensure that our financial position is robust and can sustain operations and expansion even in a prolonged period of recovery," said MPIC president and chief executive officer Jose Ma. Lim. "We look forward to the gradual recovery of our operations in 2021 spurred by increased economic activity in the country. We will continue to do our part as partners of the government in enabling growth in Philippine infrastructure," said MPIC chairman Manny Pangilinan. (READ:
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