Meralco earns P2.1 B in 1st quarter, up 6%

Meralco earns P2.1 B in 1st quarter, up 6%

May 7, 2011, 1:28am

MANILA, Philippines – The core income of power distribution giant Manila Electric Company (Meralco) rose to P3.2 billion in the first quarter from last year’s P2.0 billion, while its resulting consolidated reported net income expanded 6.0-percent to P2.1 billion.

The company qualified that the increase in its consolidated net income has been generally propped by the implementation of the fourth regulatory year on its Second Regulatory Reset under performance-based regulation (PBR). This took effect in January this year.

It must be noted that the third and fourth regulatory years of its PBR-drawn tariffs have been voluntarily suspended in January last year; and the third regulatory year was only re-implemented in April billing of 2010.

Meralco emphasized that its “balance sheet remains strong and is in a favorable position to avail of opportunities to gear up.” In fact, it noted that when it tapped the financial markets for P2.5 billion worth of loan, it has been offered a very low interest rate..... MORE

Source:  The Daily Tribune

URL: http://www.mb.com.ph/articles/317130/meralco-earns-p21-b-1st-quarter-6