POWER distribution utility Manila Electric Co. (Meralco) expects sales to grow by 6 percent this year on brisk demand amid the country’s sustained economic growth, a top executive said on Wednesday.
According to Meralco President Oscar Reyes, the utility is looking at a gross domestic product (GDP) growth of “six and a half to seven percent” for this year.
For Meralco, “so far, call it four-and-a-half to five [percent]for this year because we’re doing 4.2 [percent]as of August,” Reyes told reporters after the joint opening ceremony of the 35th Asean Ministers on Energy Meeting (AMEM) and Asean Energy Business Forum (AEBF) 2017 at the SMX Convention Center in Pasay City.
In June, Meralco posted 4.2 percent growth in sales volume from a year ago, with Chairman Manuel Pangilinan attributing it to robust demand from residential customers.
The country’s largest power distribution utility reported consolidated core net income of P10.1 billion in the first six months, excluding one-time exceptional gains and charges, down 2 percent from a year ago. But its consolidated revenues were higher by 9 percent in the first half.
Established in 1919, the power company’s subsidiaries are primarily engaged in engineering and consulting, construction, bills payments, and other electricity-related services.
Meralco shares ended Wednesday up 1.3 percent at P280.