Metro Pacific Investments Corporation reported a 337 percent surge in consolidated net income last year to P2.3 billion from the P526 million registered last year as major investments bear fruit.

In a press briefing Wednesday, the firm reported consolidated core net income growth of 490 percent to P2.05 billion from the restated core net income of P347 million for 2008.

“MPIC has entered a new historic period of growth based on its excellent investment portfolio capable of delivering healthy profitability, robust cash flows and improved customer service levels” said MPIC chairman Manuel V. Pangilinan.

He added that “we are pleased to have strengthened our position as the preeminent infrastructure company in the Philippines, and expect to see this positive performance improving in 2010.”

Pangilinan said growth will continue to be spurred by its mature investments in water distribution, healthcare and tollways as well as full year contributions from its electric distribution business.

MPIC president Jose Ma. Lim said these results represent increased contribution from investments in water distribution, toll roads, healthcare and power distribution.

The 2008 numbers have been restated to reflect the finalization of the provisional goodwill in Metro Pacific Tollways Corporation (MPTC) in accordance with accounting rules.

The significant improvement in core net income this year is attributable to higher contributions from Maynilad Water Services, MPTC, the Healthcare Group and Manila Electric Company (Meralco).

Maynilad contributed P1.93 billion or 55 percent of the total profit contribution from operations, representing MPIC’s attributable interest in Maynilad’s core income.

MPTC contributed P1.21 billion or 35 percent of profit from operations, while the Healthcare group contributed P174 million or 5 percent of the total. In addition, MPIC’s investment in Meralco in October 2009 added P212 million of equitized core earnings for the fourth quarter of 2009.