METRO Pacific Investments Corp. reported a consolidated core net income of P9.5 billion for the first nine months of 2021, up 23 percent from P7.7 billion in the same period last year.
This substantial improvement from the 13 percent growth in the first half of the year was largely driven by improved traffic on its toll roads and higher volume of electricity sold by Manila Electric Company.
Core net income for the third quarter rose 44 percent to P3.5 billion compared with the same period in 2020 and is at par with the second quarter of 2021.
This acceleration of growth reflects an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the Covid-19 pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises Law which lowered corporate income tax rates from 30 percent to 25 percent.
Consolidated reported net income attributable to owners of the parent company rose 147 percent to P12.4 billion following the gain recognized from the sale of Global Business Power and Don Muang Tollways. (PR)