Manila Electric Co. (Meralco) suffered almost 9 percent decline in core net income in 2020 to P21.7 billion from P23.8 billion in 2019 on lower energy sales volume.
Revenues dropped 14 percent to P267.9 billion from P310.1 billion.
Energy sales declined 7 percent to 43,572 gigawatt hours (GWh) from 46,871 GWh due to the pandemic.
Residential sales with a share of 38 percent increased by 13 percent backed by the prolonged work-from-home arrangements and online classes. Commercial accounts which contributed 34 percent experienced the worst contraction of 20 percent while industrial sales which accounted for 28 percent fell by 11 percent.
Customer count reached 7.132 million in 2020, a 4 percent increase against last year’s 6.883 million.
Meralco chairman Manuel Pangilinan in a briefing said he expects a “very volatile environment” this year due to the continuing effects of the pandemic in the economy. – Jed Macapagal