Power sales volume of Manila Electric Co., the country’s largest electricity distributor, increased 4.2 percent in June from a year ago on strong demand from the residential sector, its top executive said Monday.
Meralco chairman Manuel Pangilinan said the growth in power sales picked up from 3 percent registered in the first quarter.
“The June numbers of Meralco, in terms of billed volume of power, rose by about 4.2 percent against last year. So the historic rate per month is about 3 percent…That’s June to June volume,” Meralco chairman Manuel Pangilinan said.
Pangilinan said sales volume in June increased from a year earlier, as “all customer classes were up driven by residential [segment],” Meralco senior vice president and head of customer retail services, corporate marketing and communications Al Panlilio.
“Remember we came from a high base,” Pangilinan said, when asked whether the 4.2-percent sales growth in June was considered low. Meralco recorded higher sales growth of 6 percent in June 2016.
The company has yet to release its six-month financial results. It posted sales volume growth of 3 percent in the first quarter.
Energy sales in January to March reached 9,317 gigawatt-hours, up 3 percent from 9,077 gWh sold in the same period in 2016.
Meralco recorded a net income of P4.8 billion in the first quarter, up 6 percent from P4.5 billion a year ago, on higher electricity sales.
Core net income was unchanged at P4 billion in the first quarter from a year earlier, as operating and business conditions proved to be challenging, the company said.
Revenues grew 12 percent in the first quarter to P64.7 billion, while operating expenses stood at P6.2 billion.
Meralco president Oscar Reyes earlier said sales growth was constrained in the first three months because of cooler temperature, the absence of February leap year effect equivalent to 100 gWh in energy sales, higher inflation rate of 3.4 percent, higher interest rates, weaker peso, higher fuel prices and average retail rate.
Reyes said despite these challenges, energy sales still grew because of the expansion of Meralco’s customer base and strong consumer spending.
Commercial sales volume accounted for 40 percent of sales in the first quarter, driven by real estate, retail trade and entertainment while industrial sales accounted for 30 precent on account of basic metal, rubber and plastics, and food and beverage industry demand.
Residential customers, which reached 6.1 million, captured 30 percent of sales volume in the first three months.
