Meralco registers steady expansion

Manila Electric Co. (Meralco), the country’s largest power distributor, reported a 14 percent surge in consolidated core net income for the first nine months of the year, driven by robust performance in its power generation businesses that more than offset a slight decline in electricity distribution volumes.

- By JAMES A. LOYOLA

In a briefing, Meralco Senior Vice President and Chief Finance Officer Betty C. Siy-Yap said the company’s core profit rose to P40 billion from 35.1 billion a year earlier, while net income climbed nine percent to 236.8 billion from P33.8 billion in the same period last year.

The growth was attributed to the rising contribution from the power generation segment, which grew to P14.7 billion and now accounts for 37 percent of the total core income, Siy-Yap sad.

While the traditional distribution utility (DU) business remains the largest earner at 55 percent or P21.9 billion, its volume growth was essentially flat.