Power retailer Manila Electric Co. said core net income grew 11 percent in 2018 to P22.4 billion from P20.213 billion in 2017, driven by the resilient domestic consumption which resulted in a 5-percent increase in energy sales.
“The year 2018 proved to be another record year for Meralco in terms of sales volumes, operating and service excellence, value creation for consumers across all classes, financial results and a fair return to Meralco shareholders,” Meralco chairman Manuel Pangilinan said.
Meralco’s reported net income went up 13 percent to P23.017 billion from P20.384 billion. Reported net income is adjusted to exclude the effect of foreign exchange gains or losses, impairment charges, mark-to-market adjustments, gain on disposal of investment and other one-time exceptional transactions.
Meralco said the company reached another record high in terms of its financial results despite slightly lower gross domestic product growth, higher inflation and interest rates, high coal price and a weaker peso compared with 2017, as well as cooler temperatures during the first four months of the year.
