Meralco core income drops 15%

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    Manil a Electric Co. (Meralco) recorded a 15 percent decline in its core net income for the first nine months of 2020 to P15.7 billion from P18.5 billion a year ago.

    This was due to lower energy sales volume which fell seven percent to 32,539 gigawatt hours (GWh) from the previous year’s 35,005 GWh.

    Meralco chairman Manuel Pangilinan remains optimistic the company will surpass the P21 billion core net income guidance for the year.

    “The full year core income will be at P21 billion most likely. Considering with what we did last year, it is a 10 to 11 percent decline from 2019 core income… We would also retain our 60 percent dividend payouts which will be at around P13 billion,” Pangilinan said.

    Consolidated energy sales were down seven percent due to the heavy impact of community quarantine, reaching almost the same level as in 2018’s 32,921 GWh.

    Meralco said only the residential segment booked an improvement in average energy sales, up eight percent with its share moving to 39 percent from the previous year’s 31 percent. The industrial segment lost two percent and ended with a share of 27 percent in twith the commercial segment suffering five percent decline to a 34 percent share in the average sales volume from 2019’s 39 percent.

    Customer count reached 7.02 million, up 3 percent from last year’s 6.82 million.

    Peak demand for the period hit 7, 614 megawatts (MW), lower by 2 percent from 7,740 MW with revenues also experiencing an 11 percent reduction to P214.2 billion from P241.13 billion in 2019. – J. Macapagal