Wednesday, September 1, 2010
2006 Full Year Financial Results of Metro Pacific Investments Corporation
PHILIPPINE STOCK EXCHANGE
Listings & Disclosure Group
4/F PSE Center, Exchange Road
Ortigas Center, Pasig City
ATTY. PETE M. MALABANAN
Attached is SEC Form 17-C which announces the 2006 Full-year Financial Results of Metro Pacific Investments Corporation.
Very truly yours,
DAVID C. NUGENT
Media & Corporate Communications
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
1. 27 March 2007
Date of Report (Date of earliest event reported)
2. SEC Identification Number CS200604494
3. BIR Tax Identification No. 244-520-457-000
4. METRO PACIFIC INVESTMENTS CORPORATION
Exact name of issuer as specified in its charter
5. METRO MANILA, PHILIPPINES
6. (SEC Use Only)
Province, country or other jurisdiction of incorporation
Industry Classification Code:
7. 10th Floor, MGO BUILDING, LEGAZPI COR. DELA ROSA STREETS, LEGAZPI VILLAGE, MAKATI CITY, METRO MANILA, PHILIPPINES ........................
Address of principal office Postal Code
8. (632) 888-0888
Issuer's telephone number, including area code
Former name or former address, if changed since last report
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES OF STOCK
COMMON SHARES UNDERLYING THE SUBSCRIPTION WARRANTS
11. Indicate the item numbers reported herein:
Attached is the announcement on MPIC’s Full year Financial results for 2006.
Pursuant to the requirements of the Securities Regulation Code, the Issuer has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METRO PACIFIC INVESTMENTS CORPORATION 27 March 2007
MPIC or Issuer Date
DAVID C. NUGENT
METRO PACIFIC INVESTMENTS CORPORATION
FOR IMMEDIATE RELEASE
MPIC REPORTS 2006 RESULTS
2007 Outlook Profitable; Positive Results at Maynilad,
New Investment in Makati Med
MANILA, PHILIPPINES, 27TH March 2007 – Metro Pacific Investments Corporation (“MPIC”) (PSE: MPI) today stated it reported a loss of Pesos 685.9 million for the year ended 31st December 2006, and which are substantially a result of continuing provisions made at the Metro Pacific Corporation (“MPC”) – a 96.6 percent owned subsidiary of MPIC.
Of the 2006 losses, Pesos 415 million reflects an extraordinary one-time provision made against MPC’s investment in a land company, Costa de Madera. A further Pesos 110.7 million are losses related to the divestment of MPC’s 84% majority interest in Negros Navigation Company (“Nenaco”). Various other write-downs totaling Pesos 160.2 million were also made at the MPC level, reflecting one-time provisions on tax assets.
“Its important to place MPIC’s 2006 results in their proper context – last year we effected a final clean up of MPC’s old accounts in order that MPIC could start 2007 without the financial baggage of the past,” said Jose Ma. K. Lim, MPIC President and CEO. “MPC is no longer a revenue-generating nor a core holding of MPIC.
MPIC Holding Company: Already Profitable, Outlook Positive
For the first two months of 2007, MPIC has recorded a net real profit substantially higher than project, derived from its share in the profits resulting from its participation in the joint venture company it owns together with D.M. Consunji Inc. (“DMCI”) a Philippine engineering and construction company, as well as improved results from its other core business, real estate developer and marketer Landco Pacific Corporation (“Landco”).
“All the indications are in place that MPIC will have a successful year and we are confident that MPIC, the successor to MPC, will record real profits every quarter in 2007,” said Mr. Lim. “We are making smart investments in businesses with strong, long-term growth potential and in which our experience in effecting corporate turnarounds and financial rehabilitations will result in building new value for our shareholders.”
Operations / Maynilad: Metamorphosis Begins With Results
After more than 20 years, Maynilad Water Services recently began regular water deliveries to heavily populated Paranaque, a key residential and business center in the Greater Metro Manila Region. This development comes shortly after the January assumption of an 83.97% interest in Maynilad Water Services by the DMCI-MPIC Water Company Inc., the joint venture company established by MPIC and DMCI to hold its interests in the water utility sector.
“We’re pleased with the progress we’ve made at Maynilad in only such a short amount of time. DMCI brings a significant degree of technical and engineering experience to our venture, and complements the experience MPIC has had in effecting successful corporate rehabilitations and financial turnarounds,” said Mr. Lim. “We have named a DMCI officer, Herbert Consunji as Maynilad’s Chief Operating Officer, and MPIC’s Chief Financial Officer, Randy Estrellado, already serves at Maynilad on a concurrent basis as we begin to establish stricter financial controls and processes. We believe that as the culture of MPIC begins to cascade throughout the Maynilad organization, change will accelerate and Maynilad will become a company respected for its credibility and profitability.”
Operations / Landco: Launches Cebu Development
Recently Landco announced a substantial joint-venture development and marketing agreement with the Villalon family of Cebu City, owners of a series of interconnected yet undeveloped lots on prime locations atop the hills overlooking the Philippines’ second largest city. Upon completion, “Monterrazas de Cebu”, as the project is known, will emerge as Cebu’s ultimate residential and leisure estate, with facilities and infrastructure built according to the exacting standards of similarly landmark Landco projects such as Peninsula de Punta Fuego and Terrazas de Punta Fuego.
New Investments / MPIC: Board Approves Investment in Makati Med
At today’s regular MPIC Board meeting, the MPIC Board voted unanimously to subscribe to at least Pesos 600 million of Convertible Subordinated Notes, which will has a mandatory conversion into direct ownership of Makati Medical Center (“Makati Med”) shares. “Since 2006 MPIC’s Chairman has concurrently served as Chairman of Makati Medical Center, and by creating consensus and working with all of the hospital’s stakeholders, has brought Makati Med back to profitability,” noted Mr. Lim. “This investment will result in MPIC becoming Makati Med’s single largest investor, and enable us to implement our vision to return Makati Med as the Philippines’ premier healthcare institution.”
With construction beginning in the first quarter of 2007, the entire Makati Med complex will be completely rebuilt and retrofitted, with construction expected to be completed by 2009. “We believe our investment in Makati Med is a smart move at a time when the need from both domestic and foreign patients for world-class facilities is growing across Southeast Asia,” added Mr. Lim.
Comments From Chairman Manuel V. Pangilinan
“Our mandate for MPIC this year is growth and increased profitability. We have a good core to start from and we’ll be actively seeking to acquire additional businesses to enable MPIC to become a major participant in the utility, infrastructure and power sectors of the Philippines. These are amongst the most critical industries a rapidly developing nation needs for its economic health, and we regard these sectors as offering excellent potential for long term value creation,“ said Manuel V. Pangilinan.
Metro Pacific Investments Corporation is a Manila, Philippines based investment management holding company with core operations in water utility and real estate development. MPIC practices a distinctive philosophy of value-driven, active management of its investments. More information about MPIC can be accessed at www.mpic.com.ph
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For details, please contact:
David C. Nugent
Media & Corporate Communications
Metro Pacific Investments Corporation
ORIGINAL DOCUMENT: http://www.mpic.com.ph/uploads/2007/10/mpic-2006-full-year-results.pdf