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By Euan Paulo C. Añonuevo, Reporter
MANILA Electric Co. (Meralco) said its
profit last year fell to about a third of the previous year
due to an earlier Supreme Court ruling in favor of the company
allowing it to stop setting aside funds for probable losses.
In its audited financial statements, the
country’s largest electricity distributor turned in a
P4.04-billion net income last year, from P13.88 billion in 2006.
Had it not set aside provisions in 2006 worth
P15.73 billion with regard to an unbundling case, the company’s
earnings for that year would have been P3.66 billion.
Removing the one-off item therefore would show a
10.40-percent increase in profit year on year.
Revenues were up by 5.19 percent to P200.69
billion as sales of electricity grew by 5.14 percent to P196.17
billion. The company’s real-estate business, under Rockwell Land
Corp., turned in an 18.75-percent increase to P2.12 billion.
Meralco reported that its distribution business
increased by 4.6 percent. Its sales to commercial establishments
grew by 6 percent, followed by industries at 4.20 percent, and
households at 3.3 percent.
The company announced a cash dividend of P0.50
per common share for a total of P1.1 billion to be sourced from its
unrestricted retained earnings as of February 29, 2008, for the
first half of the year.
Those who stand to benefit from Meralco’s cash
dividends, which will be payable on May 13, 2008, are the
company’s stockholders of record as of April 16, 2008.
Meralco’s shares closed lower at the
Philippine Stock Exchange on Monday at P77.50 from P80 in Friday.
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