Philippines’ Meralco core income climbs 15% in first half

The company recorded a net income of P12.1b during the period.

Philippine-based Manila Electric Company (Meralco) reported its consolidated core net income rose by 15% to P13.1b in the first six months of the year. 

This went up from P11.4b in the same period last year after strong energy sales and earnings drove its power generation business. 

“Despite  the  brief  slowdown  due  to  the Omicron  surge early  this  year,  the  continued easing  of  restrictions that coincided with elections‐related activities allowed us to surpass our pre‐pandemic  sales performance in the first half of this year,” Meralco President and CEO Ray C.  Espinosa said.

“Our work to energize and deliver stable and reliable  electricity to our more than 7.5 million customers continues.”

READ MORE: Philippines’ Meralco net income climbs 13% in 2021

Meralco’s consolidated reported net income also showed an increase of 32% to P13.1b from only P9.9b previously. 

Consolidated revenue also climbed by 34% to P199.6b, largely due to the higher pass-through generation and other charges on account of persisting increase in global fuel prices. 

The average retail rate of Meralco also rose by 18% to P9.33 per kilowatt-hour as generation charges increased 30% due to higher fuel costs, the depreciation of peso, and higher spot market prices.