Manila Electric says 2013 net income almost flat


Posted at Mar 17 2014 04:49 PM | Updated as of Mar 18 2014 12:49 AM

MANILA, Philippines - Manila Electric Co., the country's largest power utility, said its consolidated reported net income was "flattish" at P17.21 billion in 2013, compared with P17.12 billion in 2012.

In a statement, Meralco said its consolidated core net income rose 5% to P17.02 billion in 2013, from P16.27 billion in 2012. The results reflect the impact of the increase in consolidated electricity sales volume of 34,084 GWh, up 4% over 2012, driven by sustained growth of over 3% in the number of customers to nearly 5.4 million.

It also reflects the improved contributions from major subsidiaries and the recently acquired minority interest in Global Business Power Corp. and containment of costs and operating expenses.

Meralco's consolidated revenues, of which electricity accounts for 99%, jumped 5% to P298.6 billion in 2013. This was attributed to a 4% increase in volume and a change in the overall sales mix.

"Consolidated revenues include unbilled revenues for November and December 2013 relating to the unbilled amount of the pass-through generation, transmission and other charge components of the price in excess of P5.67 per kWH, subject of a TRO by the Supreme Court in respect of the implementation of the generation charge increase for the November 2013 supply month," it said.

Meanwhile, Meralco's board of directors declared a final cash dividend of P6.45 per share to all shareholders of record as at April 15, 2014, payable on May 8, 2014. The final cash dividend includes a special dividend of P3 a share.

"Underpinned by a record growth in the country's economy, these have allowed us to meet our consolidated core net income guidance of P17 billion and maintain a dividend payout of 70% of the consolidated core net income, inclusive of a 20% pay-out on a 'look-back' basis equivalent to P10.55 a share," Meralco president and CEO Oscar Reyes said.