Business World Online
Posted on April 26, 2012 10:13:06 PM
DISTRIBUTION UTILITY Manila Electric Co. (Meralco) posted a 5% growth in its net income for the first quarter of the year on the back of higher sales volumes.
Meralco’s consolidated core net income grew to P3.4 billion in the first quarter from P3.3 billion a year ago.
Its consolidated reported net income went up by 58% to P3.4 billion from P2.1 billion in the same period last year.
“The better than expected economic environment, continuing strong inflow of remittances from overseas Filipino workers, revenue inflows of business process outsourcing entities, benign inflation and slightly warmer temperature boosted energy sales,” the company said in a statement yesterday.
Revenues rose 16% to P65.1 billion from P56.2 billion.
The utility saw a 10% increase in its sales volume to 7,687 gigawatt-hours which it attributed to the stronger economic environment.
Majority of its sales were from the industrial and commercial customers.
Meralco’s retail rate in the first quarter was at P9.35 per kilowatt-hour which is 7% higher than the same period last year. The increase in retail rate was due to higher pass through charges.
Its expenses grew 15% to P60.9 billion from P53.2 billion.
The utility saw its number of customers grow by 4% in the first quarter to 5.1 million.
“While sales in the coming quarters may be somewhat uncertain -- especially with the onset of the rainy season -- we are currently preparing our facilities to ensure minimal downtime,” said Meralco Chief Executive Manuel V. Pangilinan.
He added the firm will have vertical integration with its sister firms Philippine Long Distance Telephone Corp. (PLDT) and Metro Pacific Investments Corp.
Meralco is set to launch its prepaid electricity program in July 2013. A pilot program will be launched in July this year with a wider commercial pilot in January 2013.
Meanwhile, PLDT President and Chief Executive Napoleon L. Nazareno will step down from the board of Meralco.
“He will be replaced in the board by Jose Ma. K. Lim of Metro Pacific,” said Mr. Pangilinan.
Mr. Pangilinan would not confirm, however, reports that Manuel M. Lopez will be stepping down as Meralco chairman.
Mediaquest Holdings, Inc., a unit of the PLDT’s Beneficial Trust Fund, has a minority stake in BusinessWorld. -- E. N. J. David source
Its consolidated reported net income went up by 58% to P3.4 billion from P2.1 billion in the same period last year.
“The better than expected economic environment, continuing strong inflow of remittances from overseas Filipino workers, revenue inflows of business process outsourcing entities, benign inflation and slightly warmer temperature boosted energy sales,” the company said in a statement yesterday.
Revenues rose 16% to P65.1 billion from P56.2 billion.
The utility saw a 10% increase in its sales volume to 7,687 gigawatt-hours which it attributed to the stronger economic environment.
Majority of its sales were from the industrial and commercial customers.
Meralco’s retail rate in the first quarter was at P9.35 per kilowatt-hour which is 7% higher than the same period last year. The increase in retail rate was due to higher pass through charges.
Its expenses grew 15% to P60.9 billion from P53.2 billion.
The utility saw its number of customers grow by 4% in the first quarter to 5.1 million.
“While sales in the coming quarters may be somewhat uncertain -- especially with the onset of the rainy season -- we are currently preparing our facilities to ensure minimal downtime,” said Meralco Chief Executive Manuel V. Pangilinan.
He added the firm will have vertical integration with its sister firms Philippine Long Distance Telephone Corp. (PLDT) and Metro Pacific Investments Corp.
Meralco is set to launch its prepaid electricity program in July 2013. A pilot program will be launched in July this year with a wider commercial pilot in January 2013.
Meanwhile, PLDT President and Chief Executive Napoleon L. Nazareno will step down from the board of Meralco.
“He will be replaced in the board by Jose Ma. K. Lim of Metro Pacific,” said Mr. Pangilinan.
Mr. Pangilinan would not confirm, however, reports that Manuel M. Lopez will be stepping down as Meralco chairman.
Mediaquest Holdings, Inc., a unit of the PLDT’s Beneficial Trust Fund, has a minority stake in BusinessWorld. -- E. N. J. David source
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