Meralco boosts net income by 29%

The Philippines largest power distributor said growth was due to higher sales.

Manila Electric Company reported its net income at US$417 million from US$326 million in 2011. President and CEO Oscar Reyes described 2012 as another record year for Meralco in terms of sales volume, operating performance and financial results.

Core net income, which excludes one-time charges, rose 9.3% to US$399 million from US$365 million. Consolidated revenues grew by 11.1% to US$7 billion from US$6.3 billion. Of revenues, 99% came from power sales that rose 11% to US$6.9 billion.

Consolidated energy sales came to 32,771 gigawatt-hours or 7% higher than the 30,592 GWh in 2011.

Meralco said its record results reflected the broad-based growth of the economy, fueled by the services, real estate and manufacturing sector. It also reported a 3% increase in customers to almost 5.2 million, of which 91% were residential accounts.