Meralco rides upsurge, Q3 profit hits P19.6B
The company attributed the growth to the sustained increase in energy sales and higher earnings of its power generation business from projects locally and in Singapore
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Daily TribuneThe company attributed the growth to the sustained increase in energy sales and higher earnings of its power generation business from projects locally and in Singapore
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A resurgent economy has provided the spark for dominant power distributor Manila Electric Company to post a P19.6 billion consolidated core net income for the first nine months of the year, up 9 percent from P18.1 billion in the same period a year ago.
In a report to the stock exchange, the company attributed the growth to the sustained increase in energy sales and higher earnings of its power generation business from projects locally and in Singapore.
Meralco also saw its net income from January to September jump by 20 percent to P19.8 billion from P16.5 billion a year ago.
Consolidated revenues, on the other hand, grew by 36 percent to P314.9 billion from P231.7 billion due to the increase in generation charges amid global fuel price hikes.
Average sales grow 17%
According to Meralco, its average retail rates during the period also increased by 17 percent to P9.43 per kilowatt-hour from P8.08 per kWh.
Meralco recorded a peak demand of 12,113 megawatts in the Luzon grid last May, higher than the 11,640 MW recorded last week.
Household demand during the period was tempered by return-to-onsite work and higher vaccination levels that improved public confidence to travel, thereby reducing time at home.
Meralco, however, noted that the rising prices of commodities also affected sales as customers became more conscious of their rising expenses, leading to controlled electricity consumption.
