MANILA, Philippines -- Manila Electric Co. (Meralco) reported Monday a 23 percent increase in quarterly earnings as energy sales grew albeit at a slower pace due to reduced consumption during the Easter holidays in March.

The Philippine’s largest power distributor posted a net profit of P655 million ($15.4 million) for the first quarter, compared to P532 million in the same period last year.

Energy sales by volume increased 1.9 percent compared to a 3.7 percent growth a year earlier.

Distribution revenue rose 2.7 percent to P5.8 billion, but total revenue dropped 9.5 percent to P43.6 billion.

Meralco shares closed 3.1 percent lower at P78.50 Monday, trading weaker throughout the session ahead of the results announcement. Local media reported over the weekend President Gloria Arroyo's renewed call for the power distributor to lower its rates.

In February, Arroyo ordered the Department of Trade and Industry to file petitions with the Energy Regulatory Commission to bring down the cost of electricity in the country, particularly the distribution charges of Meralco, which she described as the highest among suppliers in the country.

Meralco is partly owned by conglomerate First Philippine Holdings Corp.

($1 = P42.40)