By Donnabelle L. Gatdula (The Philippine Star) Updated October 15, 2012 12:00 AM
MANILA, Philippines - Power utility Manila Electric Co. (Meralco) expects to post higher earnings in the first nine months of 2012, a company official said.
Meralco chief finance officer Betty Siy-Yap said while they expect earnings to improve compared to last year, growth would likely be flat ranged against the performance in the early part of the year.
“Overall, for the nine months, we would expect it to be still better than last year but the increase, when you compare it to the first half, might be flat,” she said, noting that the company may release official earnings report on Oct. 29.
Asked about the income trend for third quarter, Yap said: “(It’s) up but it’s lower than the previous, we really expect that this is the time where it is lowest because it is the rainy season.. (the weather is) cooler.”
But she noted that they have been expecting this trend.
“The third quarter is really lowest because of the rainy season and we were affected by the (monsoon rain) habagat,” said Yap.
Meralco earlier upgraded its profit forecast for 2012 to P15.5 billion as it had seen robust performance in the first half.
Meralco’s core net income increased 15 percent to P9.02 billion in the first half from P7.82 billion a year ago.
Consolidated net income jumped 60 percent to P9.8 billion in the first semester. This reflected Meralco’s P759-million gain after selling its shares in upscale property developer Rockwell Land Corp.
Earnings were driven by the 17 percent growth in consolidated revenues to P143.6 billion. Meralco sold 16,215 gigawatt-hours (gwh) in the first half, a 10th higher from last year.
Sales from commercial and residential customers rose 7.8 percent and 7.9 percent, respectively. source
Meralco chief finance officer Betty Siy-Yap said while they expect earnings to improve compared to last year, growth would likely be flat ranged against the performance in the early part of the year.
“Overall, for the nine months, we would expect it to be still better than last year but the increase, when you compare it to the first half, might be flat,” she said, noting that the company may release official earnings report on Oct. 29.
Asked about the income trend for third quarter, Yap said: “(It’s) up but it’s lower than the previous, we really expect that this is the time where it is lowest because it is the rainy season.. (the weather is) cooler.”
But she noted that they have been expecting this trend.
“The third quarter is really lowest because of the rainy season and we were affected by the (monsoon rain) habagat,” said Yap.
Meralco earlier upgraded its profit forecast for 2012 to P15.5 billion as it had seen robust performance in the first half.
Meralco’s core net income increased 15 percent to P9.02 billion in the first half from P7.82 billion a year ago.
Consolidated net income jumped 60 percent to P9.8 billion in the first semester. This reflected Meralco’s P759-million gain after selling its shares in upscale property developer Rockwell Land Corp.
Earnings were driven by the 17 percent growth in consolidated revenues to P143.6 billion. Meralco sold 16,215 gigawatt-hours (gwh) in the first half, a 10th higher from last year.
Sales from commercial and residential customers rose 7.8 percent and 7.9 percent, respectively. source
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