MANILA - Metro Pacific Investments Corp. (MPIC) reported a net income of P2.086 billion for the first 9 months of 2009, more than triple its profits in the same period last year.

In a disclosure to the Philippine Stock Exchange on Thursday, MPIC said this was driven mainly by the performance of Maynilad Water Services Inc. and Metro Pacific Tollways Corp. (MPTC), respectively the company's water distribution and toll operations businesses.

Before interest and operating expenses, Maynilad contributed 45% or P894 million to MPIC's total earnings. MPTC accounted for 48% or P948 million, while the healthcare group made up the remaining 7% or P131 million.

MPIC has a 34.95% stake in Medical Doctors Inc., owner and operator of the Makati Medical Center. It also has a 34% stake in the Davao Doctors Hospital and operates the Cardinal Santos Medical Center.

“The first 9 months of 2009 underscored the significant progress which MPIC has made in realizing its strategic objective of being the country’s leading infrastructure company. The impressive growth in our consolidated results reflect our continuing effort to improve operations, raise service levels and enhance the value of our business portfolio,” MPIC President and Chief Executive Officer Jose Ma. Lim said.

MPIC had a non-recurring income of P873 million during the 9-month period due to accounting adjustments. Additional investments in Manila Electric Co. (Meralco) and North Harbor are seen to help MPIC reach its full-year core income target of P1.5 billion.

“The strong operational performance across all the operating investee companies of MPIC affirms the guidance number, which we have previously announced about the Company’s core income for 2009 being at least P 1.5 billion” MPIC Chairman Manuel V. Pangilinan said.

Last month, the Philippine Ports Authority awarded to the consortium of MPIC and Harbour Centre Port Terminal Inc. the development and operation of the Manila North Harbor for 25 years. The P14.5-billion investment project will entail the modernization of existing ports, and expansion of its operational area to 70 hectares.

MPIC forged a deal last week with the Lopez family for a call option expiring at the end of March 2010 to buy a 6.7% stake in Meralco.

At present, MPIC's aggregate investment in Meralco stands at 14.7%.