MANILA, Philippines - A surge in demand for electricity boosted the earnings of power distributor Manila Electric Co. (Meralco) in the first 9 months of 2010.
The company's reported net income for the January to September period rose 61% from a year ago to P8 billion.
Excluding one-time, exceptional charges, core net income grew 80% to P9.2 billion.
Meralco's consolidated revenues were up 32% at P188.9 billion as total volume of energy sold rose 11% to 22,660 gigawatt-hours.
"These results reflect the higher volume of energy sold resulting from the surge in demand due to warmer temperature as well as higher demand from the commercial and industrial customers reflecting the improvement in economic activity," the power retailer said.
An increase in billed customers as well as higher distribution rates approved by the Energy Regulatory Commission also helped drive profits, Meralco added.
The latest financial results make Meralco confident of exceeding its income target this year.
"Anchoring on the double-digit growth in the volume of energy sold, we expect to end the year with a distinct position of strength and are confident we will surpass our forecasted core net income of P11 billion," said its chairman, Manuel Pangilinan.