Meralco sees higher H1 revenue

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Manila Electric Co. (Meralco), the country’s largest power distributor, is expecting higher revenue in the first half of 2015 compared with the same period last year.

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Meralco chairman Manuel Pangilinan attributed the company’s financial results to the increase in consolidated electricity sales volume and growth in customer count.

“Very well. There is an increase from last year,” said Pangilinan referring to the company’s revenue for the first half of 2015.

“This is driven primarily by increased in customer count between three to four percent and energy sales growth around three to four percent also,” he said.

For the second half of the year, Pangilinan earlier said they are expecting lower profits as a result of the lower tariff that the company implemented after receiving Energy Regulatory Commission (ERC) approval.

But Pangilinan is optimistic that the lower revenues could be mitigated by the customer count growth and volume growth.

For the first half of 2014, Meralco’s consolidated net income was pegged at P9.6 billion, a two percent increase over the same period a year earlier.

The main driver of profits, Pangilinan said, is higher electricity sales, which grew three percent year-on-year to 17,299 gigawatt-hours.

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