Meralco Q1 income flat at P4.6B

Manila Electric Co. (Meralco) on Monday reported a muted growth on consolidated core net income for the first quarter of 2017 despite a surge in revenues.

Meralco chief finance officer Betty Siy-Yap said in a press briefing the power giant’s unaudited consolidated core net income for the period remained at P4.6 billion.

Siy-Yap said the figure excluded one-time, exceptional charges. With these factors included, the company’s consolidated reported net income grew 6 percent to P4.8 billion.

She said core net income largely came from Meralco’s main distribution business, which grew by 3 percent year-on-year to 9,317 gigawatt-hours.

Siy-Yap said energy sales increased in the first quarter, despite a “slightly lower” average distribution rate of P1.40 per kilowatt-hour.

Meralco chair Manuel V. Pangilinan said the company would continue to focus on growth opportunities, as anchored on the country’s strong economy.

“Strong macroeconomic fundamentals underpin the past growth trajectory of the Philippines and we see these as being sustained in the short- to medium-term,” Pangilinan said.

“Despite global growth and geo-political uncertainties, we remain confident that the domestic economy will continue to expand at the current pace, or potentially faster, as new drivers weigh in,” he added.

Oscar S. Reyes, Meralco president and CEO, said the company expected robust consumer spending and household demand to continue on the back of the sustained rise in remittances from overseas, revenues from business process outsourcing, among others.