Manila Electric Company (Meralco) opened the year with a double-digit increase in its bottom line, which the firm attributed to its power generation business and the increase in energy volumes sold.
Core net income for the first quarter grew by 10% to P5.624 billion from P5.113 billion last year, bringing core earnings per share up 10% to P4.990 from P4.536 year on year.
Revenues jumped 33% to P85.905 billion from P64.712 billion. This includes P83.272 billion from electricity, and P2.633 billion from non-electricity.
Costs and expenses for the quarter climbed by 46% to P80.837 billion from P53.304 billion.
The company announced an upward adjustment of P0.0872 per kilowatt-hour (/kWh) this month, bringing the overall rate up to P8.3195 per kilowatt-hour.
The firm earlier said rates are also expected to increase in May to reflect the impact of the successive price hikes of petroleum pump prices on generation charges.
“The significant rise in fuel prices, as well as the persisting supply restrictions of the Malampaya natural gas field continue to pose risks to Meralco electricity rates,” Meralco president and chief executive Ray Espinosa said in a regulatory filing.
“We are proactive in implementing mitigating measures, including supply augmentation efforts through CSP and coordination with our suppliers, to cushion the impact to our customers, while we continue to deliver stable, reliable, and quality electricity service to our customers,” he continued.
Domestic pump prices have been on an uptrend in 13 out of the past 16 weeks, which the Department of Energy (DOE) has attributed to the ongoing conflict between Russia and Ukraine, along with the easing of COVID-19 restrictions in China which have driven demand.
Moving forward, Meralco said it is working with government agencies and partners in the private sector to ensure that the energy industry is prepared for the national elections next month.
“As we fulfill the growing requirements of our customers and further improve overall customer experience, we also remain cognizant of the bigger role we play in supporting the continuing economic recovery and nation-building efforts that will help us emerge as a stronger and more resilient country post-pandemic,” Espinosa said.
Meralco counts as subsidiaries and associates Vantage Energy Solutions and Management Inc. and MeridianX Inc., acting as retail electricity suppliers in Luzon and the Visayas.
Shares in Meralco were trading down by P1.40 or 0.41% at P341.00 apiece as of 10:37 a.m. on Tuesday. —Jon Viktor Cabuenas/KG, GMA News
Meralco bottom line climbs to P5.624 billion for first quarter of 2022
Source: News Panda Philippines
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