10% revenue jump, P20-B net make 2017 a ‘good year’ for Meralco

MANILA The year 2017 has been a good year for Meralco, its president and chief executive officer, Oscar Reyes, said Monday.

In a press briefing held Monday afternoon in Ortigas Center, Pasig, Meralco reported a consolidated core net income of PHP20.2 billion for 2017, 3 percent higher than the PHP19.6 billion posted in 2016.

The company's consolidated electricity revenues reached PHP275.2 billion in 2017, 10 percent up from PHP249.2 billion in 2016.

Meralco announced that 97 percent of gross revenues were comprised of the electricity revenues.

"Pass-through components as a percentage of total electricity revenues were at 78 percent in 2017, 1 percent higher than in 2016, largely reflecting the increased fuel prices billed by the generating companies," Meralco stated.

Its consolidated distribution revenues was PHP59.6 billion in 2017, which was 5 percent higher than in 2016.

Reyes also highlighted that in 2017, Meralco's consolidated volume of energy sold was 42,102-gigawatt hours (GWh), a 5-percent increase from the previous year.

The Meralco CEO also pointed out that in 2017, customer count reached 6.3 million, or additional 288,000 customers to the 6 million billed customers in 2016.

Meanwhile, as for the capital expenditures in 2017, Meralco said it amounted to PHP12.1 billion, 5 percent higher than the previous year. Cash flows from operations reached PHP28.4 billion, while the free cash flows were valued at PHP19.2 billion.

On Feb. 26, Meralco's board of directors approved a final cash dividend of PHP8.065 per share to all shareholders of record as of March 28, payable on April 25.

This consists of a final cash dividend of PHP4.478 per share, and a special cash dividend of PHP3.587 per share, the power firm said.

Source: Philippine News Agency