Meralco said the significant contribution of power generation business, which grew three times from the same period last year, drove CCNI in the quarter.
Consolidated reported net income went up by 26 percent to P8.1 billion from P6.4 billion. “Meralco’s operational and financial performance in this first quarter indicates that we are off to a good start,” Meralco chairman Manuel Pangilinan said. “I think 2023 is looking quite good so we should be able to report double-digit growth in core profitability,” Pangilinan said.
Consolidated revenues went up 23 percent to P105.6 billion from P85.9 billion. Energy sales volumes in the first quarter rose to 11,287 gigawatt-hours from 11,069 GWh a year ago, with volumes of Meralco and Clark Electric Distribution Corp. increasing 2 percent and 9 percent, respectively.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: gmanews - 🏆 11. / 68 Read more »
San Miguel unit to ramp up clean energy investments | BusinessMirrorSan Miguel Global Power Holdings Corp. is ramping up investments in the power sector to boost its portfolio and augment the country’s power supply requirements. For renewable energy (RE), SMC Global Light and Power Corp. (SGLPC)--a subsidiary of San Miguel Global Power--is developing a portfolio of solar power projects with…
Source: BusinessMirror - 🏆 19. / 59 Read more »
NEA asked for three weeks to 'solve' Occidental Mindoro power crisis – senatorThe National Electrification Administration (NEA) has asked for three weeks to give 'concrete' solutions to the energy crisis that has plagued Occidental Mindoro.
Source: CNN Philippines - 🏆 13. / 63 Read more »
Solon blames ERC for Occidental Mindoro outages; ERC denies inaction on power ratesRomblon lone district Representative Eleandro Jesus Madrona flagged the Energy Regulatory Commission (ERC) for its supposed failure to act on the National Power Corporation&39;s (Napocor) request to adjust power rates, resulting in the 20-hour daily power outage in Occidental Mindoro.
Source: gmanews - 🏆 11. / 68 Read more »