Meralco H1 net income up nearly 26%

Reuters

Posted at Jul 25 2011 01:49 PM | Updated as of Jul 26 2011 01:09 AM

MANILA, Philippines - The country's largest power distributor, Manila Electric Co. (Meralco), said on Monday its first half net income climbed 25.6 % from a year ago, helped by a higher distribution charge this year.

Meralco, partly owned by San Miguel Corp. and indirectly by the First Pacific Group, said it had net income of P6.09 billion ($143.6 million) in January to June against P4.85 billion in the same period of 2010.

It said core earnings, which strip out currency and derivatives related items, climbed 34.7% to P7.8 billion in the first half.

The company said it expects its core net income to rise 15% this year to P14 billion.