By Alena Mae S. Flores Posted on Apr. 23, 2013 at 12:01am
Manila Electric Co., the country’s power retailer, Monday reported an unaudited consolidated core net income of P4.024 billion in the first three months of 2013, up 17.7 percent from P3.418 billion year-on-year.
Meralco said reported net income rose 19.3 percent to P4.024 billion from P3.373 billion on year.
Meralco disclosed it was looking for profitable growth opportunities beyond its franchise area and overseas after taking a 70-percent interest in GMR Energy (Singapore) Pte Ltd. together with First Pacific Ltd.
GMR Energy is building an 800-MW liquefied natural gas plant in Singapore, which is set to start commercial operations at the end of the year.
Meralco chairman Manuel Pangilinan said the power generation investments would extend to Visayas and Mindanao.
“We’re looking at Mindanao because there is an issue of supply of power and certain parts of Visayas,” Pangilinan said.
Meralco officials attributed the higher income to an increase in the number of new customer accounts, faster energization of new property developments such as residential and office condominiums, and the opening of Pagcor Entertainment City, which increased demand from the industrial sector.
“Our first-quarter income is slightly ahead of expectations,” Meralco chairman Manuel Pangilinan said in a briefing. He declined to give a full-year income outlook until the first half results were released. source
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