Manila Electric Co. (Meralco) grew its core net income by 10 percent in the first quarter of the year to P5.62 billion, from P5.11 billion in the same period in 2021.
Revenues jumped 33 percent to P85.9 billion from P64.7 billion.
Meralco attributed the growth to increased contribution from the power generation business and higher volumes of energy sold.
Its consolidated energy sales for the quarter was up by almost 6 percent to 11,069 gigawatt hours (GWh) from 10,473 GWh a year ago, due to the easing of pandemic-related restrictions and higher temperatures.
Residential sales, which represent 35 percent of total energy sales volume, rose by 5 percent mainly due to household energizations, warmer temperature, increased condominium occupancies as on-site work resumed as well as from mass housing projects in Bulacan and Cavite.
Industrial sales with a share of 31 percent increased by 5 percent while commercial with a share of 34 percent climbed by 6 percent.
Ferdinand Geluz, Meralco first vice president and chief commercial officer, said industrial sales were driven by easing pandemic restrictions and continued power consumption from the manufacture of semiconductors, cement, food, beverage and plastics.
Geluz attributed the higher power demand in the commercial sector to the consumption of the real estate sector that returned to pre-pandemic levels as retail, restaurants and hotels are back to normal operating capacity, with schools also trying both hybrid and face-to-face classes.
Meralco’s customer count for the period reached 7.46 million, up 4 percent from last year’s 7.21 million, with peak demand hitting 7,816 megawatts (MW), up by almost 10 percent from the previous 7,115 MW.
Manuel Pangilinan, Meralco chairman, said in a statement with the recovery in power sales and consumption, the company remains vigilant on global geo-political developments and their impact on the local economy, to cooperate with government, regulators and suppliers to mitigate possible adverse impacts. – Jed Macapagal
