Metro Pacific Investments Corp. (MPIC) is studying the possibility of building a P90-billion bridge that will connect Cordova, Cebu to Bohol.
Manuel V. Pangilinan, the company’s chair, said Cebu Governor Gwendolyn Garcia has “asked us to look at building a bridge from Cordoba to Bohol,” but hinted that the project might be too expensive.
“That a P90-billion project. The key there is really financing of it because it’s a very big project for us,” Pangilinan said. “I think we have to find out first how we’re going to finance it. There is some chance that financing could be raised for the feasibility study.”
Metro Pacific Tollways Corp. (MPTC) President Rodrigo E. Franco noted that his office will be looking at how to make it commercially viable for the group.
“Viability is the issue because the project cost is high. Were looking for ways to make that viable. If there are ways in the financing side to make it viable we will look at it,” he said.
Both Pangilinan and Franco could not provide more details.
MPTC built Cebu’s third bridge called the Cebu-Cordova Link Expressway (CCLEX), its first bridge expressway in the Visayas region.
MPIC reported that its core net income rose 24 percent to P7.5 billion in the first half from last year’s P6 billion.
The company said its constituent companies delivered a 15-percent increase in contribution from operations, mainly driven by a strong recovery in road traffic and growth in power consumption as more industries ramped up operating capacity.
Power accounted for P5.9 billion or 60 percent of net operating income, toll roads contributed P2.5 billion or 26 percent, water contributed P1.4 billion or 15 percent and the other businesses, mainly real estate, hospitals, fuel storage and light rail, incurred a net loss of P35 million.
Revenues rose 25 percent to P243.3 billion from last year’s P194.7 billion. This, however, excludes Manila Electric Co.’s pass-through revenues.
Light Rail Manila Corp., which operates the 20-station LRT Line 1, reported a core net loss of P329 million due to the start of the amortization of concession assets and borrowing costs.
Reported net income attributable to the parent reached P9.5 billion, lower by 9 percent from the previous year when the company reported a gain from the sale of Global Business Power and Don Muang Tollways.