Consolidated revenues fell 11% to P214.21 million due to the 7% decline in energy sales volumes and the effect of lower generation pass-through charges.
The lower profit was also due to Meralco’s share in the P2.7 billion investment impairment of Singapore-based PacificLight Power Pte. Ltd. in the first quarter.
With the gradual easing of lockdown measures, industrial and commercial sales volumes showed signs of recovery through the residential segment continued to account for a larger share of the total due to the continuing work from hoe arrangement as well as online education for most of the student population.
Meralco had 7.02 million customer accounts as of the end of September, 92% of which are residential customers.
“As our people and the economy continue to experience the adverse effects of the COVID-19 pandemic, Meralco remains steadfast in “keeping the lights on” during this time of great need. Our workforce, complemented by third party service providers, remains relentless in keeping the network resilient and addressing customer concerns throughout our franchise area,” said Ray C. Espinosa, president and CEO of the power utility giant.
Meralco chairman Manuel V. Pangilinan estimates that the company will spend nearly P50 billion for its its distribution business and generation investments to create jobs, spur business activities and stimulate consumption.
“We firmly believe that there is opportunity in every crisis and, are hopeful that we will emerge stronger than ever. We are confident that we will surpass the P21 billion consolidated core net income guidance for 2020 provided in the first half of this year and be able to meet our committed return to shareholders,” Pangilinan said.