THE Manila Electric Co. (Meralco) has booked a five percent increase in its consolidated core net income for the first nine months of 2014.
According to Meralco, its core net income climbed to P13.56 billion in January to September this year from P12.89 billion a year ago.
Meralco’s volume of electricity distributed grew by more than two percent during the period, a growth weighed down by the adverse effects of successive weather disturbances in the third quarter.
Manuel Pangilinan, Meralco chairman, said the company’s growth in total energy sales of over two percent year-to-date has not kept pace with the growth in gross domestic product of over six percent this year due to climactic and power supply availability factors.
According to Meralco, its billed customers grew by 207,000 for the nine-month period to 5.5 million, reflecting a four percent increase year-on-year.
The distribution firm’s core earnings per share for the first nine months stood at P12.68, while reported earnings per share was P12.69.
The company’s consolidated revenues, of which electricity sales accounted for 98 percent, decreased by over two percent to P202.9 billion due to the effects of net lower pass-through generation charge.
Meralco’s non-electricity revenues, which accounted for two percent of consolidated revenues, increased by 37 percent due to the increased volume of bills payment services of CIS Bayad Center, Inc. and milestone completion of construction and maintenance contracts of Meralco’s Industrial and Engineering Services Corp. and subsidiaries.
The company’s consolidated capital expenditures amounted to P7.5 billion for the nine-month period.
Meralco President and Chief Executive Officer Oscar S. Reyes said electrical capital projects continue to be the company’s single largest investment. RITCHIE A. HORARIO