Meralco Core Profit Rises to P11 B in Q1

Power giant Manila Electric Co. (Meralco), whose franchise has been extended until 2053, saw its earnings grow to over P11 billion in the first quarter, fueled by growth across core segments.

- By Brix Lelis

In a press conference yesterday, Meralco CFO Betty Siy-Yap reported that core net income from January to March climbed by 11 percent to P11.2 billion from P10.1 billion on a yearly basis.

Net income went up by nine percent to P10.4 billion from P9.6 billion, with revenues rising by 10 percent to P114.5 billion from P104.5 billion.

The growth was mainly attributed to the stronger contribution of the distribution utility (DU) business, which accounted for the largest share of the bottomline at 60 percent.