Meralco earns P1.12 B in 2nd quarter
Wednesday, August 16, 2006
By EDGARD HILARIO
The Manila Electric Co. (Meralco) reported yesterday a net income for the second quarter of 2006 of P1.12 billion, a turnaround from a net loss of P748 million in the first quarter of the year, but 31.2 percent lower than the P1.62 billion earned in the same period last year.
In a report submitted to the Securities and Exchange Commission, Meralco Chairman Manuel Lopez said year-to-date cumulative earnings for this year reached P367 million from a net loss of P583 million in the same period in 2005, as the company continued to make provisions for probable losses related to the rate unbundling case still pending with the Supreme Court.
For the six months that ended June 30, 2006, Meralco and subsidiaries achieved consolidated operating revenues of P91.458 billion, an increase of 8.1 percent over the P84.636 billion achieved in the same period of 2005. This increase was mainly due to the 7.1 percent increase in sales volume by the parent company coupled with the increase in purchased power costs.
Operating expenses for first half of 2006 increased to P90.412 billion or 6.3 percent over the P85.033 billion for the same period in 2005, Lopez said.
The increased in consolidated operating expenses was primarily due to an increase in purchased power costs. Parent company’s recoverable purchased power cost for the first two quarters of 2006 was P74.527 billion or 6.8 percent increase over the P69.776 billion in purchased power cost for same period in 2005.
posted by philpower @ 6:09 AM,
