Power retailer Manila Electric Co. said Monday consolidated core net income climbed 40 percent to P9 billion in the first three months from P6.4 billion in the same period in 2022.
Meralco said the significant contribution of power generation business, which grew three times from the same period last year, drove CCNI in the quarter.
Consolidated reported net income went up by 26 percent to P8.1 billion from P6.4 billion. “Meralco’s operational and financial performance in this first quarter indicates that we are off to a good start,” Meralco chairman Manuel Pangilinan said.
“I think 2023 is looking quite good so we should be able to report double-digit growth in core profitability,” Pangilinan said.
Consolidated revenues went up 23 percent to P105.6 billion from P85.9 billion. Energy sales volumes in the first quarter rose to 11,287 gigawatt-hours from 11,069 GWh a year ago, with volumes of Meralco and Clark Electric Distribution Corp. increasing 2 percent and 9 percent, respectively.