Meralco Q1 income up 7% at P4.9-B

Meralco President Oscar Reyes reported that the firm’s consolidated volume of energy sales for this period is 10,145 GWh, which is 9 percent higher than the 9,317 GWh in 2017. “Part of the reason (for this increase) is the higher temperature in the first quarter of 2018,” Reyes remarked. (Photo: Meralco/Facebook)

MANILA — Manila Electric Company (Meralco) on Monday announced an unaudited Consolidated Core Net Income for the first quarter of 2018 of PHP4.9 billion or 7 percent higher than the same period last year.

The firm’s Consolidated Reported Net Income for the first quarter is PHP5.3 billion, 10 percent higher than the same period in 2017.

Meralco President Oscar Reyes reported that the firm’s consolidated volume of energy sales for this period is 10,145 GWh, which is 9 percent higher than the 9,317 GWh in 2017. “Part of the reason (for this increase) is the higher temperature in the first quarter of 2018,” Reyes remarked.

He also reported the growth in customer count, now at almost 6.4 million, and this is 5 percent higher than last year, he said.

Residential customer base acccounts to 92 percent of the firm’s total customer base.

Consolidated electric revenues ended the first quarter at PHP69 billion, it was revealed.

Meralco officials said the consolidated electric revenues, which was 97 percent of the total revenues, increased by 7 percent mainly due to the 9 percent growth in volume of energy sold “even as Meralco’s average distribution rate per kWh was PHP0.02 per kWh lower.”

It was also stated that the first quarter of 2018 pass-through and other electric revenues increased by 6 percent from the same period in 2017 due to higher spot prices in the Wholesale Electricity Spot Market.

The most significant items in expenses were reportedly labor, contracted services and information technology (IT) maintenance and licensing. Meralco’s core earnings per share for the first quarter was PHP4.363, and its reported earnings per share was PHP4.713.

Meanwhile, Meralco Powergen president, Rogelio Singson, said the firm will continue to explore options in the field of renewable energy.

“We really need to build more efficient power plants” he said. Singson also noted that they should start soon if they plan to build power plants, since it takes three to four years to build one.