MANILA Electric Co. (Meralco), the country’s largest power distribution utility, expects to report 7 percent sales growth for the first quarter of this year from a year ago, a top official said.
Although Meralco has yet to release its first quarter results, the listed firm is expecting “about 7 percent [sales growth]compared to last year,” Meralco President Oscar Reyes told reporters on Monday.
Reyes attributed the projected sales growth to the improving economy, higher customer base, and growth across all its sectors.
“I think, number one, we see that the economy is growing and the number of customers. Number one is the increase in our customer base,” Reyes added.
“Second, improvement in the general economic condition which has supported the growth in consumption,” Reyes said.
He said the third factor was the growth seen across all sectors of its business.
The government reported in January that the Philippine economy grew 6.7 percent in 2017 compared with a 6.9 percent expansion in 2016.
Meralco reported in February that its customer count climbed 4.8 percent to 6.33 million last year from 6.04 million in 2016.
The power distributor said consolidated energy sales volume in 2017 grew 5 percent to 42,102 gigawatt–hours (GWh).
Meralco holds the largest market capitalization among listed utility and power sector companies in the country. Established in 1919, its units are engaged in engineering and consulting, construction, bills payments, and other electricity-related services.