Higher electricity sales boost Meralco 1st half profit to P12B
Power utility giant Manila Electric Co. grew its first semester earnings by 14 percent to P12 billion on the back on higher electricity sales volume and increased generation charge and customer base.
In a statement, Meralco said core net income went up seven percent to P10.9 billion. Revenues also rose seven percent to P150.5 billion as energy volume sold increased to 21,665 gigawatts per hour.
The industrial segment posted the biggest increase with sales rising expanding by nine percent. It was followed by the residential and commercial segments which both saw sales increase by six percent.
Meralco ended the first half with total customers of 6.5 million, up five percent as new connections across all customer classes jumped to 294,000 year on year.
“:The economy continues to expand boosted bu strong consumer spending and the growth in the service industry and even in the industrial sectors. The ramping up of government infrastructure projects is expected to further lift the country’s growth prospects,” said Manuel V. Pangilinan, chairman of Meralco.