Listed power distributor Manila Electric Company (Meralco) reported an 11% drop in its consolidated core profit to P5.11 billion, as revenues showed weakness during the 1st quarter of 2021.

Meralco’s gross revenues dipped 7% to P64.71 billion during the 1st quarter against P69.47 billion in the same period in 2020.

While consolidated energy sales shrunk by 4% to 10,473 gigawatts per hour (GWh), it was still marginally higher than the 2020 figure of 10,381 GWh.

From January to March, the industrial and residential segments grew by 4% and 7%, respectively, but the commercial segment slumped by 18% as restrictions were imposed late March.

Despite this, Meralco president and chief executive officer Ray Espinosa told reporters on Monday, April 26, that they see “some recovery” in the commercial segment as restrictions imposed in 2021 are not “as restrictive” as in 2020.

The average electricity rate for the 1st quarter of 2021 declined by 3% to P7.82 per kilowatt hour, including the government-ordered refund for pass-through costs, as well as the distribution rate “true-up” refund.

Operating expenses, meanwhile, increased to P7.05 billion in January-March 2021, versus P6.59 billion in the same period in 2020. – Rappler.com