MANILA, Philippines - The full year income of diversified conglomerate Metro Pacific Investments Corp. (MPIC) more than tripled in 2009 mainly due to the hefty contributions of its water and toll road units.

MPIC reported that its net income rose to P2.3 billion last year from only P530 million in 2008 as revenues soared 220% to P16.11 billion.

The earnings included exceptional gains of P252 million stemming from a number of one-time adjustments, the largest element being income from the rate rebasing exercise of water concessionaire Maynilad Water Services Inc.

Excluding the extraordinary items, core net income also improved significantly, increasing almost five-fold to P2.05 billion from P350 million.

Maynilad contributed P1.93 billion or 55% of the total core income while Metro Pacific Tollways Corp. (MPTC) accounted for 35% or P1.21 billion. The healthcare group turned in P174 million or 5% of the core profit.

MPIC said its investment in Manila Electric Co. (Meralco) also added P212 million of equitized core earnings during the last quarter of 2009.

"The strong improvement and momentum across all our businesses, including the impact of Meralco's contribution, have driven the impressive growth in our consolidated results for 2009," said Jose Ma. K. Lim, MPIC president and chief executive.

MPIC, a unit of Hong Kong's First Pacific Co. Ltd, initially bought a near 13% stake in the country's largest power retailer last year and is currently in the middle of a deal to transfer its interest in the power firm to a newly formed company.

MPIC chairman Manuel V. Pangilinan said the diversified conglomerate "will deliver better results" this year on the back of the continued robust performance of all its units and full-year equity earnings from Meralco.

"It (reported income) will be significantly above the P2.3 billion in 2009," he told reporters.