Meralco to exceed P43 B profit this year

Power distributor Manila Electric Co. (Meralco) is on track to reach over P43 billion in full-year earnings this year following record results as of end-September, its chairman and CEO Manuel V. Pangilinan said.

- By LOUELLA DESIDERIO

"We expect to exceed the P43-billion profit guidance we set out in the first half, paving the way for another year of record earnings," Pangilinan told a press conference yesterday.

Meralco reported a consolidated core net income (CCNI) of P35.1 billion from January to September, 17 percent higher than the P30 billion in the same period in 2023. The growth was propelled by a consistent increase in the sales volume of the distribution utility (DU) and stronger contributions from the power generation and retail electricity supply (RES) businesses.