(The Philippine Star) | Updated July 30, 2013 - 12:00am
MANILA, Philippines - Manila Electric Co., the country’s biggest power distributor, expects a consolidated core net income of P17 billion this year, higher than the P16 billion posted last year, Meralco chairman Manuel V. Pangilinan said in a briefing yesterday.
“Given our first half results and the positive outlook for the second half of the year, we are prepared to guide our full year 2013 consolidated core net income at P17 billion,” he said.
During yesterday’s briefing, Meralco chief finance officer Betty Siy-Yap reported that the power firm’s core net income in the first half of the year rose two percent to P9.2 billion from P9 billion in the first half last year.
However, Meralco said its reported net income of P9.4 billion in the first half was three percent lower than the year-ago level on the absence of one-time gains from the sale of Meralco’s shares in Rockwell.
“We didn’t have a one-time gain such as the Rockwell transaction,” Mercalco president Oscar Reyes said.
“Reported net income remains strong because we recognize a gain from the divestment of Rockwell shares and other taxes totaling P1.6 billion net of tax,” Siy-Yap also said.
Consolidated revenues stood at P141.7 billion in the six-month period, one percent lower year-on-year partly due to lower generation cost from power sales agreements.
“The lower revenue for the six months of 2013 was the result of lower generation cost from power sales agreements negotiated by Meralco after the expiration of the less competitive transition supply contracts of the National Power Corp. in December 2012 – despite higher volume of power sold and average distribution rate,” Meralco said in a report.
Total electricity sales volume, meanwhile, grew four percent year-on-year to 16,863 gigawatt-hours (gwh).
Reyes said the growth in volume was realized across all customer sectors with commercial accounts providing the highest increase, attributable to new connections and increased consumption. source
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