Manila Electric Co. (Meralco) yesterday said its consolidated core net income at end September rose 11 percent year-on-year as easing inflation and growth in the services sector boosted sales.
Meralco chief finance officer Betty Siy-Yap said in a press briefing the utility giant’s unaudited consolidated core net income for the period reached P18.5 billion from about P16.7 billion in the same period in 2018.
Siy-Yap said consolidated energy revenues went up by 6 percent to P235.4 billion while volume grew as much to reach 35,005 gigawatt-hours.
Growth in consolidated core Ebitda (earnings before interest, tax, depreciation and amortization) was pegged at 12 percent to P29.8 billion.
“Manageable inflation together with increased liquidity in the financial system provides opportunities for growth across all customer segments,” Meralco chair Manuel V. Pangilinan said.
“There is no doubt that there will be significant domestic expansion with the expected improvement in government investments in the coming months, in addition to the inflow from remittance of our overseas Filipino workers,” he said.
He said Meralco was anticipating sustained growth, backed by the economy’s overall expansion.
Pangilinan added that, based on Meralco’s performance so far this year, the company could end 2019 with a net income of P23 billion. In 2018, Meralco chalked up a net income of P22.4 billion.
Ray Espinosa, Meralco president and chief executive, said San Buenaventura Power Ltd.’s 455-megawatt coal-fired power plant in Quezon could contribute to Meralco’s core business.