Meralco net income reaches P12B for first half of 2019

Meralco posts increase in electricity charges for November

The Manila Electric Company (Meralco) has logged a net income of P12 billion for the first half of this year.

An increase in their Consolidated Net Income (CCNI) was also presented, which amounted to P12.3 billion, compared to last year’s P10.928 billion.

The power distributor’s revenues also went up for the first six months of 2019 with P165 billion, which is 10 percent higher than the previous year.

“Non-electric revenues were primarily generated by certain subsidiaries, which includes CIS Bayad Center, with its fees from payment collections from 1, 377 billers close to 35 locations,” Meralco Senior Vice President and Chief Financial Officer Betty Siy-Yap said.

Sales also increased by 5 percent. Around 22,823 GWh was recorded for this year, while 21,665 GWh for 2018 in the same period.

“The energy sales is actually divided into commercial, residential, and industrial. Commercial representing 39.2 percent; residential 31.3 percent; and industrial 29.2 percent. Growth in commercial was at 5.3 percent, while residential was at 6.4 percent, and industrial it was 4.3 percent,” Meralco President and CEO Ray C. Espinosa said.

The increase in sales were also due to an increase in the weather temperature; very minimal weather disturbance; no prolonged power interruption; and significantly lower inflation.

The average Meralco rate for the first half of 2019 was at P9.25 per kWh, which is 5 percent higher due to the generation charge being the largest component at 60 percent.