said earlier that it is spinning off its hospital group to ease some of the pressures brought about by the rising cost of its debt to fund its expansion, which has been slowly eating up its income.
'The process to raise funding for MPIC
, as well as for our hospitals group to support its continued expansion is proceeding well.
Excluding one-off items, MPIC
's core net profit improved by 1.2 percent year-on-year to P8.7 billion on higher earnings contributed by its power, toll road, water and hospital businesses.
In a press briefing yesterday, MPIC
president and chief executive officer Jose Ma K.
reported on Thursday its consolidated core net income reached PHP8.7 billion in January to June from PHP8.6 billion during the same period last year.
The US bank's investment in MPIC
would be worth some PHP5.11bn (USD118m/EUR84.4m) based on the infrastructure company's last closing price of PHP3.55, the Philippine Daily Inquirer said.
While the biggest hospitals under the 14-member MPHHI group already operate oncology centers, MPIC
chief financial officer David Nicol said the investment in a chain of treatment clinics-sometimes independent of the existing network and sometimes part of it-would help fill the gap in cancer treatment facilities.
"We are seeing resolution of our long-pending tariff issues, particularly in our Water and Tollways businesses," said MPIC
Chairman Manuel V.
perhaps, to be certain, that we can raise the funds for MPIC
and for the hospitals itself, that maybe we should issue an exchangeable bond in the next two to three months, that is convertible directly to the hospitals, to the hospital holding company,' said Pangilinan after he presented the Manila Electric Co.'s (Meralco) first-half financial and operational results on Monday.
has been trading at an average of P4.30 per share.