MANILA, Philippines – The Manila Electric Company (Meralco) reported strong earnings in the 1st half of 2019, with its core net income – the earnings excluding exceptional gains and charges – rising by 14% to P12.3 billion.

Consolidated net income was flat at P12 billion for the period, while revenues rose by 10% to P165 billion.

Meralco attributed the revenue jump to higher prices in the Wholesale Electricity Spot Market, weak peso, and increase in energy sales volume.

Meanwhile, non-electric revenues from Bayad Centers and other subsidiaries amounted to P3.7 billion.

Total costs and expenses from January to June amounted to P149.6 billion, 9% higher year-on-year.

Energy sales grew across all customer segments, with the residential segment dominating consumption and installation count. 

Meralco also noted that online gambling companies boosted its sales.

The figures come as the electricity supply in Luzon thinned, with the National Grid Corporation of the Philippines issuing 14 red and 36 yellow alerts during the period. (READ: Manny Pangilinan on brownouts: We need more power plants)

The average rate for the 1st half of 2019 was at P9.25 per kilowatt hour, 5% higher than last year, with the generation charge being the largest component at 60%.