The Manila Electric Co. (Meralco) on Monday reported an 11 percent increase in consolidated core net income over three months this year reaching P10.1 billion compared to only P9.05 billion last year.
This early, Meralco said, the full year outlook on consolidated core net income could hit more than P40 billion.
The electricity distributor’s consolidated revenue proved flat at P104.5 billion from P105.6 billion due to lower pass-through charges and energy fees, reflecting lower fuel prices.
Meralco attributed the growth to increased contribution with higher volumes of energy sold.
Consolidated energy sales during the quarter was up 9 percent to 12,307 gigawatt hours from only 11,287 GWh traced to sales catalysts including elevated temperatures attributable to El Niño, increased momentum of recovering industrial sector customers, even the extra day in February this year, a leap year.
According also to Meralco, approximately 2.5 GWh more is consumed each day for every degree rise in temperature.
Even as Meralco’s power sales rise, its customer count similarly lifted 3 percent to 7.9 million against last year’s 7.7 million.
“The growth in our first-quarter sales volume reflects the growing demand for power from across all customer segments with the improving economic prospects. In April this year, we already hit a record peak demand in our franchise area exceeding 9,000 megawatts,” said Ronnie Aperocho, Meralco executive vice president and chief operating officer, in a statement.
Aperocho said that with red and yellow alerts raised over the Luzon grid several times in April, a challenging power supply situation throughout the dry season is expected, consistent with the El Niño weather disturbance.
Manuel V. Pangilinan, Meralco chairman and chief executive officer, also said the business is set to report consolidated core net income of over P40 billion this year.
“Briefly, the distribution utility business has been performing very well for the first quarter and that performance continues with the balance of the year for the next three quarters, especially this time, April and perhaps continuing through May when warm weather is predicted to persist,” he told reporters in a briefing in Pasig City on Monday.
Meralco reported a 35 percent jump in net income last year totaling P38.68 billion compared to previous year’s P28.59 billion.
