Meralco net income soars as revenues surge in Q1 | Lenie Lectura

The Manila Electric Co. reported that its net income in the first quarter went up by 40 percent to P8.1 billion, from P6.4 billion in the same period a year ago, as revenues surged to P105.6 billion.

“2023 is looking quite good so we should be able to report double-digit growth for profitability,” said Pangilinan during a press briefing on Monday. Meralco’s consolidated core net income rose by 40 percent to P9 billion in January to March from P6.4 billion in the same quarter in 2022, on the back of the significant increase in the CCNI contribution of power generation, which grew three times versus the same period last year.Meralco said it spent P5.

As demand for power picks up, the utility firm’s energy sales volumes in the first quarter rose to 11,287 gigawatt hours from 11,069 GWh, as volumes of Meralco and Clark Electric Distribution Corp. went up by 2 percent and 9 percent, respectively.

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Meralco books P9B core net income in Q1, up 40%The Manila Electric Company (Meralco) posted double-digit growth in its core earnings in the first three months of 2023. In a disclosure to the Philippine Stock Exchange on Tuesday, Meralco reported a consolidated core net income of P9 billion in the January to March period, up 40% from a year earlier.
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