Meralco posts 2018 net income of P23 B

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The Manila Electric Company posted  a 13-percent increase in their net income, from P20.3 billion in 2017 to P23 billion last year.

Meralco managed to pull off gains in spite of higher inflation and interest rates and volatile economic situation of the country.

Its revenues came mostly from sales as consolidated energy volume increased to 44,313 GWh, which is 5 percent more than the recorded 42,102 GWh sales in 2017.

Meralco’s customer base also rose to 6.62 million  in 2018, up five percent compared to over 2017 figure of 6.33 million

The power distribution utility also reported an 11 percent increase in their Consolidated Core Income (CCNI), which was at P22.4 billion, from 2017’s P20.2 billion.

Consolidated Core Earnings Before Interest TDA in 2018 reached P37.4 billion, from P34.6 billion in 2017.

Meralco’s system loss was also at an all time low 5.67 percent.

Meanwhile, new President and CEO of Meralco Ray C. Espinosa discussed his plans regarding his leadership, plans, expansion, and generation for the power utility.

“The plan is to continue to do the work that has already been laid before us by Mr. Oscar Reyes. In a way, it’s an easier task for me because the more difficult task of preparing Meralco for what to do in the future has been laid already by Mr. Reyes,” Espinosa said.

When asked if they have any plans to shift to a cleaner energy source he said that green energy can include power plants that are more efficient and have lower carbon emission.

“We also have our own initiatives in terms of renewable energy. I think we are in discussion with a number of solar plant proponents, natural gas proponents, etc. We are also conscious of our duty as a corporate citizen to reduce our carbon footprint,” he added.

 

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