Meralco 2019 net income up 6.2%

Manila Electric Co. (Meralco) saw a 6.2-percent increase in its consolidated core net income in 2019, which reached P23.8 billion in pace with growth in sales across all customer classes.

Betty Siy-Yap, Meralco chief finance officer, said in a press briefing that the distribution giant’s audited consolidated core net income went up from P22.4 billion in 2018.

Siy-Yap said consolidated electricity revenue rose by 5 percent to P310.1 billion from P295.4 billion in the previous year.

This was attributed to higher energy sales volume and higher pass-through generation charges brought about by higher average fuel prices, a weaker peso and higher spot market prices, especially in the March-July period.

Also, volume expanded by 6 percent from 46,871 gigawatt hours from 44,313 GWh.

Volume sold to residential customers increased 8 percent; commercial customers, 6 percent; and industrial customers, 4 percent.

In 2019, Meralco shelled out P20.2 billion in capital expenses, mainly for the implementation of electric and nonelectric projects. The amount rose by 48 percent from the 2018 figure.

Meralco said this was part of efforts to address load growth, asset renewals, disaster hardening imperatives and regulatory compliance.

In a statement, Meralco chair Manuel V. Pangilinan said the initial operating results in January 2020, as well as indicative results from February, were positive.

“We will continue to execute our investments with significant ambition in power generation, and other strategic and high-growth areas amid the challenges,” Pangilinan said. INQ