Manila Electric Co., the biggest retailer of electricity, sees a “slight improvement” in net income for the full year amid higher sales volumes.
“I think we are expecting a slight improvement in our income because volumes for this year are better than last year,” Meralco president Oscar Reyes said when asked about the company’s full-year income forecast.
Meralco posted a consolidated core income of P20.2 billion in 2017, up 3 percent from P19.583 billion in 2016, on higher electricity sales on increased demand.
Meralco’s consolidated reported net income reached P20.384 billion in 2017, up 6 percent from P19.176 billion in 2016.
“Particularly because of the first few months, very strong but the volume started to soften in August. August grew only by half a percent compared to August 2017. In September, growth was 2.5 percent… what used to be a very high September,” Reyes said.
Reyes said sales in the first nine months were “slightly better because of the volume.”
“Year-to-date volume for the nine months is around four and half (percent). Both volume and income,” he said.
Meralco will release its final nine month financial results late this month.