Manila Electric Co. (Meralco) recorded an 11-percent drop in core net income in the first quarter of the year to P5.1 billion from P5.7 billion the same period in 2020.
Revenues fell 6.8 percent to P64.71 billion from P69.47 billion.
In a virtual briefing yesterday, Betty Siy-Yap, Meralco chief finance officer said the figures were dragged by lower sales volume, particularly the commercial segment.
Consolidated energy sales dropped 4 percent to 10,473 gigawatt hours (GWh) from the previous year’s 10,879 GWh. Residential sales which account for 35 percent of total energy sales rose 8 percent mainly due to continued work-from-home arrangements and ramp up of consumption from mass housing projects in Bulacan, Laguna, Cavite and Rizal.
Industrial sales with a share of 31 percent increased by 4 percent while commercial with a share of 34 percent, plummeted by 18 percent.
