AFP PHOTO/Jay Directo

MANILA, Philippines – Manila Electric Co. (Meralco), the country’s largest power distributor, surpassed its P16-billion core net income target for 2012, thanks to higher electricity sales amid the country’s strong economic growth.

Meralco said in a statement on Monday, February 25 it saw a 9% growth in core earnings—minus one-time charges and gains—to P16.3 billion, from P14.9 billion in 2011.

The company’s net income grew by a faster 29% to P17 billion.

Revenues, of which electricity accounted for 99%, went up 11% to P285.3 billion. This followed a 7% increase in sales volume to 32,771 gigawatt-hours, and a hike in the generation charge.

Meralco is a unit of Metro Pacific Investments Corp. of the Manuel V. Pangilinan group.

Here are details of the utility’s 2012 financial report:

• Electricity revenues rose 11% to P283 billion
• Core EBITDA stood at P26.8 billion
• Capital expenditures jump 18% to P10.3 billion
• Average distribution rate down P0.03 per kilowatt-hour at P1.55/kWh
• Customer count up 3% at 5.2 million
• System loss rate at historic low of 7.04%

– Rappler.com