Meralco net income up 17.6% in Q1

Despite lower revenues, the earnings of electricity distributor Manila Electric Co. grew by nearly a fifth in the first three months of the year. Meralco told the Philippine Stock Exchange that its net income in January to March rose 17.6 percent to P4 billion from P3.4 billion. Consolidated revenues, however, slipped 1 percent to P64.2 billion. "The lower electric revenues were largely due to the effect of lower pass-through charges during the three-month period, slightly offset by the moderate increase in energy sales volume," Meralco said. Meanwhile, the company said it recorded a rise in the number of new customer accounts owing to the faster energization of new property developments such as residential and office condominiums, the recently opened major hotel-casino complex at the Pagcor Entertainment City and increased domestic consumption driven by remittances from overseas Filipinos workers and business process outsourcing inflows. Meralco's operating and maintenance expenses dropped 2 percent to P3.941 billion. — BM, GMA News