Listed distribution utility Manila Electric Co. (Meralco) posted a net income of P5.312 billion in the first quarter, higher by 10.28% compared with the same period last year, largely because of higher energy sales.
Adjusted for one-time, exceptional transactions, core net income at P4.917 billion was higher by 6.94% from a year ago.
“We were quite surprised by unusually strong sales we saw in the first quarter, particularly in March,” said Oscar S. Reyes, Meralco president and chief executive officer, during the company’s quarterly briefing on its financial and operational results. — Victor V. Saulon

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