Manila Electric Co. reported a consolidated core net income of P15.4 billion in the first nine months of 2017, up 3 percent from P15 billion year-on-year. The country’s biggest power retail also registered a net income of P15.9 billion, up 2 percent a year ago. “With only two months remaining in 2017, we are indicating a guidance on 2017 consolidated core net income to be a slight improvement over the amount reported in 2016,” Meralco chairman Manuel Pangilinan said. Meralco reported a core net income of P19.6 billion in 2016 and a net profit of P19.2 billion. Pangilinan said regulatory policy and judicial challenges relating to retail competition and open access temporarily weighed down on the performance of MPower, Meralco’s retail electricity supply unit.

Source: The Standard October 27, 2017 12:00 UTC