Meralco (Photo credit: Wikipedia)First quarter consolidated earnings of power utility giant Manila Electric Co. (Meralco) surged 58 percent to P3.37 billion on the back of higher sales from a record number of consumers.
Core net income, which strips out currency and derivatives-related items, rose by five percent to P3.42 billion from a year ago.
Amid favorable results in the first three months of the year, the country’s largest power distributor is maintaining its P15-billion core profit guidance for this year that is higher than the P14.9 billion a year ago, Meralco president and chief executive Manuel V. Pangilinan said.
“Consolidated electric revenues for the three months that ended March 2012 was at P65.1 billion, a 16-percent increase over the same period in 2011,” Meralco said.
Energy sales in the first quarter jumped 9.9 percent to 7,687 gigawatt-hours compared with the same period last year, said Meralco chief operating officer Oscar S. Reyes.
“Our net income went up mainly due to higher sales volume and customer count,” said Meralco chief financial Officer Betty Siy-Yap.
Meralco added 40,000 new customers in the first quarter, bringing the total to a record 5.07 million as of end-March.
Meralco, which is indirectly controlled by Hong Kong-based First Pacific Co. Ltd. and partly owned by San Miguel Corp., said industrial energy sales were driven by the businesses that are into food and beverage, steel and cement, and plastic and plastic products.
http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=801009
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