Meralco reports P17-B net income in 2013

AFP FILE PHOTO

MANILA, Philippines – The Manila Electric Co.  said Monday it realized a consolidated net income of P17.023 billion last year, up five percent from P16.265 billion from the previous year, excluding one-off gains.

The company said in an announcement posted on its website that revenue grew to P298.636 billion in 2013, five percent up from P285.270 billion in 2012. Out of the total revenue, distribution revenue reached P56.105 billion, up 10 percent from P50.892 billion.

The major movers of sales in the industrial sector were electrical machinery (semiconductor), food and beverages, and rubber and plastics. In the commercial sector, real estate (condominiums, BPO office space), private services (hotels, malls, hospitals), and trade.

Meralco ended the year with 5.37 million customers—4.9 million residential customers and 450,000  commercial. It had 166,212 new residential customers and 12,310 new commercial customers for the year. Industrial accounts shrank by 82, however.