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Manila Electric Co. is looking at full-year consolidated core net income of P40 billion in 2024, as first-quarter income climbed 11 percent to P10.1 billion on the back of higher sales volume.
“As we continue to deliver stable and reliable service to our customers, we reiterate our pursuit to bring in projects of scale that will boost available generation capacity which we direly need to ensure not just the immediate, but the long-term energy security of the country,” Pangilinan said. Meralco said the distribution business accounted for 58 percent or P5.8 billion, while power generation brought in P2.7 billion or 27 percent. RES and the non-power businesses took the remaining P1.5 billion or 15 percent.Consolidated reported net income increased 19 percent in the first quarter to P9.6 billion from P8.1 billion.
Meralco spent P9.4 billion in the first quarter, of which P4.99 billion was utilized for distribution networks that included new connections, asset renewals and load growth projects, among others.
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