By Zinnia B. Dela Peña (The Philippine Star) Updated November 03, 2011 12:00 AM
MANILA, Philippines - Power utility giant Manila Electric Co. (Meralco) said its net income rose 25 percent in the nine months ending September this year to P9.95 billion on higher sales and controlled expenses.
Core net income, which strips out currency and derivatives-related items, went up 27 percent to P11.66 billion.
Meralco, indirectly controlled by Hong Kong-based First Pacific Co. Ltd. and partly owned by San Miguel Corp., said consolidated revenues inched up two percent to P192.94 billion from January to September 2011. Of the total, P186.97 billion comprised electricity sales.
Better industrial volume offset the impact of cooler temperature on demand and the absence of the gains seen during the 2010 elections, Meralco said.
Energy sales rose 0.3 percent to 22,725 gigawatt hours, the highest recorded for any nine-month period.
Meralco president and chief executive Manuel V. Pangilinan said the company has raised its 2011 core net income guidance to P14.5 billion from P14 billion previously.
“While there remain major uncertainties on the global economic environment, which may detract from the prospects of a more robust economic and energy performance locally, we are determined to build further on the gains Meralco has been achieving over the past couple of years,” Pangilinan said.
Meanwhile, the utility firm’s cost and expenses went up by only 0.5 percent to P177.691 billion.
As of end-September this year, Meralco’s total billed customers reached five million, up three percent year-on-year and a historic high for the company.
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