Manila Electric Co. reported an increase of 4% in its first-quarter core net income following a substantial jump in energy sales volume. Meralco President Oscar S. Reyes revealed in a press briefing that electricity sales during the first three months rose by 12%, which is said to be a record for the company.
In his own words, “the higher consumption by existing customers is attributed to a number of things. Clearly temperature is a factor, but at the same time, the strong fundamentals of the economy helped drive consumption.” The reported net income was at P4.5 billion, up by 3% from the level in the same quarter in 2015.
