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Meralco powers core income higher by 11% to P10.1 B in Q1
The Philippine Star
|April 30, 2024
Pangilinan-led power firm Manila Electric Co. (Meralco) reported a consolidated core net income (CCNI) of P10.1 billion in the first quarter, up by 11 percent from P9 billion in the same period last year.
The improvement in earnings was due to “higher energy sales volume of the distribution business and continuing contributions from power generation, retail electricity (supply) and the nonpower related businesses,” Meralco chief finance officer Betty Siy-Yap said in a media briefing.
Meanwhile, its reported net income - adjusted to exclude the effect of foreign exchange gains or losses, impairment charges, mark-to-market adjustments and other one-time, exceptional transactions- also went up by 19 percent to P9.6 billion from P8.1 billion a year earlier.
The CCNI consists of the following: P5.8 billion from distribution business, P2.7 billion from power generation and P1.5 billion from retail electricity supply (RES) and non-power related businesses.
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