MANILA Electric Co. (Meralco) reported a 10.2% increase in consolidated core net income to P27.11 billion in 2022 from P24.61 billion a year earlier as strong energy sales exceeded pre-pandemic levels. READ:
“Record high in revenues and billed volume as well,” Meralco Chairman Manuel V. Pangilinan said in a virtual briefing on Monday, describing the listed electricity seller’s performance last year. “It was a good accounting for a major portion of the national power system and power demand in the country.”
Reported net income, which is adjusted to exclude one-time charges, reached P28.43 billion, up by 21% from P23.50 billion a year earlier. In power generation, PacificLight Power Pte. Ltd. recorded a core net income of P12.1 billion, significantly higher than the P2.2-billion profit in 2021. The company’s costs and expenses also increased by 40.5% to P406.35 billion from P289.21 billion a year ago.
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