Manila Electric Co. (Meralco) is sticking to its P17-billion full-year target profit despite registering a lower first-half profit.
In a media briefing, Meralco reported a consolidated reported net income of P9.4 billion for the first half of this year, or 3 percent lower year-on-year.
“Given our first-half results and the positive outlook for the second half of the year, we are prepared to guide our full-year 2013 consolidated core net income at P17 billion,” Meralco Chairman Manuel Pangilinan said.
Meralco also announced on Monday that its consolidated core net income, which excludes one-time, exceptional gains and charges, amounted to P9.2 billion, 2 percent better than the P9 billion for the same period in 2012. Core earnings per share stood at P8.1, while reported earnings per share was P8.4.
Total electricity sales volume sold also grew 4 percent year-on-year to 16,863 gigawatt hours.
The volume growth, according to Meralco, was realized across all customer sectors with commercial accounts providing highest increase, attributable to new connections and increased consumption. Moreover, Meralco’s consolidated revenues in the first half stood at P141.7 billion versus the P143.6 billion for the same period in 2012, while consolidated core earnings before interest, taxes, depreciation and amortization (Ebitda) for the period rose by 7 percent to P16.1 billion, with Ebitda margin on consolidated gross revenues remaining at 11 percent.
“We have sustained our growth in consolidated core net income and Ebitda, driven by the 4-percent growth in our sales volume and relatively stable distribution rate. We continue to closely monitor our operating expenses and leverage at tight terms,” Pangilinan said.
Consolidated capital expenditures for the first half of 2013 reached P3.7 billion, with power-related capital projects amounting to P3.2 billion, or 84 percent of the total.
“We will continue to build upon our accomplishments and momentum,” Pangilinan added.
Today, Meralco will be launching its electric vehicle charging station to support several local government units and the Asian Development Bank in their e-vehicle program, initially aimed at public transport, primarily e-tricycles.
Madelaine B. Miraflor