(Incorporated in Bermuda with limited liability)
[First Pacific Group includes PLDT, Smart Communications, Indofood]
GROUP CORPORATE COMMUNICATIONS
24th Floor, Two Exchange Square, 8 Connaught Place, Hong Kong
Tel: (852) 2842 4388
Email: info@firstpac.com.hk
Fax: (852) 2845 9243
http://www.firstpacco.com
Tuesday, 27 March 2007
MPIC REPORTS 2006 RESULTS
2007 Outlook Profitable; Positive Results at Maynilad,
New Investment in Makati Med
The attached press release was released today in Manila by Metro Pacific Investments
Corporation (MPIC), in which the First Pacific Group holds an economic interest of
approximately 93 per cent.
MPIC 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 .
* * *
For details, please contact:
David C. Nugent
Vice President
Media & Corporate Communications
Metro Pacific Investments Corporation
Telephone: +632-888-0888/29
Email: dscn@mpic.com.ph
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.
About MPIC
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
--- End ---
For details, please contact:
David C. Nugent
Vice President
Media & Corporate Communications
Metro Pacific Investments Corporation
Telephone: +632-888-0888/29
Email: dscn@mpic.com.ph
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ORIGINAL DOCUMENTS:
http://www.firstpacific.com/admin/upload/ir/announcements/ea070327.pdf
http://202.66.146.82/listco/hk/firstpacific/press/p070327.pdf
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