Hot weather, reopening of economy lift Meralco Q1 core earnings to P5.6B

Hot weather, reopening of economy lift Meralco Q1 core earnings to P5.6B

Manila Electric Co. (Meralco) said consolidated core net Income rose 10 percent to P5.6 billion in the first quarter on the back of increased contribution from its power generation business and higher volumes of energy sold.

Reported net income grew 28 percent to P5.564 billion with the adjustments made in relation to the passing into law of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act in 2021.

Consolidated revenues jumped 33 percent to P85.9 billion as electricity revenues increased by a third to P83.3 billion due to higher pass-through charges amid the unprecedented increase in global fuel prices.

Meralco chairman Manuel V. Pangilinan is optimistic the power utility giant will be able to sustain its growth momentum this year as the economy further reopens.

Consolidated distribution utility energy sales volumes went up nearly six percent to 11,069 gigawatt hours following the easing of pandemic-related restrictions and higher temperatures.

The continuing hybrid work arrangements and home-based learning setup, as well as the relatively warmer temperatures pushed residential sales volume to grow five percent to 3,808 GWh.

Commercial sales volumes likewise went up to 3,781 GWh from 3,560 GWh amid the increase in economic activities. Full operation of retail, restaurants, and hospitality sectors also contributed to the higher commercial sales volumes.

Industrial sales maintained their upward trajectory, rising to 3,334 GWh, driven by the semiconductor, cement, food and beverage, plastics and chemical packaging industries.

Customer count grew at a steady four percent to 7.46 million at end-March.

Pangilinan said Meralco remains vigilant over global geo-political developments and cautious about their impact on the Philippine economy.


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