Manila Electric Co. (Meralco) posted a 53 percent jump in core net income in the first nine months this year, reaching P30.02 billion compared to only P19.61 billion last year.
Revenue rose 6 percent to P335.23 billion from P314.88 billion.
Meralco traced the growth to increased contribution of energy sales and the improved performance of its power generation segment.
Consolidated energy sales over nine months rose 4 percent to 38,164 gigawatt hours from the previous year’s 36,553 GWh.
Manuel Pangilinan, Meralco chairman and chief executive officer, said full year core net income this year will likely exceed the projection of P30 billion.
“As we approach the close of 2023, it might be appropriate to provide our guidance for our full year’s performance. In this regard, absent a black swan event, Meralco’s consolidated core net income for the full year is likely to land at P37 billion,” Pangilinan said.
Meralco core net income in 2022 totaled P27.1 billion.
