Meralco On Track to Hit Profit Target
PANGILINAN-LED MANILA Electric Co. (Meralco) reported a 14% increase in its consolidated core net income to P40.02 billion for the first nine months.
This growth was driven by revenue growth and stronger results from its distribution utility segment, despite flat energy sales.
Based on the growth of our power generation and the steady performance of our core distribution in the past nine months, we stay positive that we will achieve our full-year core profit guidance of P50 billion.
Meralco Chairman Manuel V. Pangilinan stated this in a statement on Monday.
- Distribution utility business: P21.94 billion
- Power generation: P14.71 billion
- Retail electricity supplier and service subsidiaries: P3.37 billion
Consolidated revenues rose 4.6% to P371 billion.
Author's summary: Meralco reports 14% income growth.
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