Manila Electric Co. (Meralco) recorded a 53- percent jump in its core net income in the first nine months of the year at P30.02 billion from P19.61 billion a year ago.
Its revenues grew by 6 percent to P335.23 billion from P314.88 billion in the same period last year.
Meralco attributed the growth to high energy sales volume and the improved performance of the power generation segment.
The company’s consolidated energy sales nine months into the year rose 4 percent to 38,164 gigawatt hours (GWh) from the previous year’s 36,553 GWh.
Manuel Pangilinan, Meralco chairman and chief executive officer, said in a briefing yesterday the company’s full year core net income will likely reach beyond the earlier projection of P30 billion.
“As we approach the close of 2023, it might be appropriate to provide our guidance for our full year’s performance. In this regard, absent a Black Swan event, Meralco’s consolidated core net income for the full year is likely to land at P37 billion,” Pangilinan said.
Meralco’s core net income in 2022 was P27.1 billion.