Meralco says consolidated core net income up 7% in H1

The Manila Electric Co. (Meralco) reported a 7-percent increase in consolidated core net income in the first semester of the year, supported strong consumer spending.

In a regulatory filing submitted by Corporate Governance and Compliance head Jocelyn Villar-Altamira, Meralco reported a consolidated core net income of P10.851 billion, up from P10.118 billion a year earlier.

Revenue likewise grew by 7 percent to P150.544 billion from P141.032 billion in the same comparable period, while expenses increased by 7 percent to P136.861 billion from P127.543 billion.

Meralco chairman Manuel Pangilinan noted the corporate results were driven by strong consumer spending.

“Consumer wallets continue to expand as money sent home by overseas Filipinos continue to grow, as well as from employment generated by BPOs and POGOs,” he said.

BPOs are business process outsourcing companies.

POGOs or Philippine Offshore Gaming Operators are foreign companies which operate online casinos in the country under license by the Philippine Amusement and Gaming Corp.

“These have continued to drive the growth of commercial and residential energy sales volumes,” Pangilinan noted. —Jon Viktor Cabuenas/VDS, GMA News