The country’s second largest power distributor Visayan Electric is expecting a revenue fall by 11.96 percent due to the coronavirus disease 2019 (COVID-19) pandemic, as well as a drop in the energy consumption of commercial and industrial end-users.
In 2019, the company logged a net income rise of 9.18 percent to P2.26 billion, with a revenue of P24.42 billion, compared to 2018 revenue which was P23.34 billion, according to Visayan Electric President and Chief Executive Officer Raul Lucero.
This April alone the energy sales decreased by 25.40 percent due to massive consumption drop in commercial and industrial users due to the enhanced community quarantine (ECQ) measures, which also resulted in shutdowns of most businesses in Cebu since late March.
The firm expects a 9.07 percent drop in its energy sales this year.
The Aboitiz Group-affiliated distribution company was serving a total of 450,087 customers—residential, corporate and industrial—in the cities of Cebu, Mandaue, Talisay, Naga, and the municipalities of Consolacion, Liloan, Minglanilla and San Fernando in 2019.
