Philippine electricity distributor Meralco posts 19.2% income growth
- Source: Xinhua
- [17:07 August 03 2009]
- Comments
Manila Electric Co. (Meralco), the Philippines' biggest electricity distribution company, posted a consolidated net income of 3.2 billion pesos (about 67 million US dollars) in the first half of the year, up 19.2 percent on year, company officials reported Monday.
Meralco's core net income rose at a modest 2.1 percent to 2.9 billion pesos (60 million dollars). Earnings before Interest, Taxes, Depreciation, and Amortization rose 6.4 percent to 8 billion pesos (170 million dollars).
In its disclosure to the Philippine Stock Exchange, Meralco officials attributed the increase in income expansion to distribution revenues and slight decline in operating and maintenance expenses.
Consolidated revenues were slightly lower at 94.5 billion pesos (1.97 billion dollars), compared with the 95.9 billion pesos (2 billion dollars) posted in the same period last year.
Electricity accounts for 98 percent of Meralco's revenues. The global economic crisis dampened electricity consumption in the industrial sector, as sliding exports forced most manufacturers to close shops.
The weak demand in the industrial sector offset stronger electricity sales in the residential and commercial sectors. The residential and commercial customer base improved by 2.6 percent to 4.63 million customers.
Meralco remains positive that sales will continue to grow for the rest of the year.
"We remain upbeat about a possible sales uptrend. The signs are encouraging so far," Meralco President and CEO Manuel M. Lopez said in a statement.
Consolidated free cash flow improved to 3.3 billion pesos (68.7million dollars), while capital expenditures increased 15.7 percent to 3.4 billion pesos (70 million dollars).
