Meralco Reports Net Income of Php4.0 billion in Q1

Manila—(PHStocks)—Manila Electric Company (Meralco) (PSE: MER) today announced that its unaudited consolidated Core Net Income, which excludes one-time, exceptional charges, for the three months ended March 31, 2013 amounted to Php4.0 billion. Consolidated Reported Net Income for the period stood at also Php4.0 billion. Core and Reported Earnings per Share were at Php3.570 for the three months ended March 31, 2013 as at Php3.571. The sustained increase in the number of new customer accounts, the faster energization of new property developments such as residential and office condiminums—plus the recently opened major hotel-casino complex at the Pagcor Entertainment City and increased consumption driven by healthy overseas Filipino workers’ remittances and Business Process Outsourcing inflows—represented the primary contributory factors to the net growth in electricity sales. The 1% increase in volume reflected the volume of an additional day in February 2012, absent which, volume growth on a normalized basis would have been in excess of 2%.

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