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Summer heat drives Meralco's core profit to P23 B
The Philippine Star
|July 30, 2024
The earnings of Pangilinan-led Manila Electric Co. (Meralco) surged in the first half as energy consumption heated up due to the impact of the dry season and the El Niño weather pattern.
In a press conference yesterday, Meralco CFO Betty Siy-Yap reported that consolidated core net income from January to June rose by 21 percent to P23.2 billion from P19.2 billion previously.
Consolidated net income was said to have improved by 26 percent to P22.4 billion from P17.9 billion, while revenues grew by six percent to P237.5 billion from P224.8 billion.
Siy-Yap said the growth was powered by "higher sales volume of the distribution utility (DU), higher contribution of the retail electricity business and higher plant availability of power generation in the second quarter of the year."
Esta historia es de la edición July 30, 2024 de The Philippine Star.
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