Power distributor Manila Electric Co. (Meralco) recorded profits for the first quarter of 2012 rose 58.2% from the year before. Meralco chair Manuel Pangilinan earlier said the company was targeting P15-B in income this year, slightly higher than its core net income of P14.5-B in 2011. The rosy 1stquarter picture was aided in large part by the summer heat and higher electricity sales. For the first quarter, Meralco’s overall average retail rate was P9.35 per kilowatt-hour, 7% higher than its rate in 2011. Meralco senior executive VP and COO Oscar Reyes said the company’s net income as of end-March totaled P3.373 billion, against last year’s P2.132 billion. Revenues also went up 16% to P65.626 billion, of which 99% or P65.1 billion came from electricity sales.
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