“Notwithstanding the excellent operational record of the facility, trading conditions in the Singapore Electricity Market continue to be unfavorable, with ongoing low prices in both the Uniform Singapore Energy Price (USEP), effectively the pool market, and the retail market,” Meralco said. Consolidated revenues, according to Siy-Yap, stood at P70.02 billion, 7-percent lower than P75.4 billion in 2019. Electricity revenues, which accounted for 97 percent of the listed firm’s gross revenues, reached P67.9 billion from P73.6 billion in the previous year. During the virtual briefing, Meralco Chairman Manuel Pangilinan said he is expecting the listed firm’s bottom line to decline in the second quarter of the year. With the lower volumes and lower revenues, it is likely that the second quarter results will come in below the first quarter results,” Pangilinan said.

Source: Manila Times April 27, 2020 16:41 UTC