July 30, 2013

Meralco core income up 2% to P9.2 B

Manila Electric Co. (Meralco) chief finance officer Betty Siy-Yap reported that the power firm’s core net income in the first half of the year rose 2% to P9.2 B from P9 B in the first half last year.

However, reported net income of P9.4 B in the first half was three% lower than the year-ago level on the absence of one-time gains from the sale of Meralco’s shares in Rockwell.

Consolidated revenues stood at P141.7 B in the six-month period, 1% lower year-on-year partly due to lower generation cost from power sales agreements. Total electricity sales volume, meanwhile, grew 4% year-on-year to 16,863 gigawatt-hours (gwh). - WealthSec