April 28, 2014 6:40 pm JST

Manila Electric's 1Q profit holds flat

CLIFF HARVEY C. VENZON, Nikkei staff writer

MANILA -- Manila Electric, the Philippines' largest power distributor, saw its profit remain unchanged last quarter, with a rise in the number of customers offset by a decline in its distribution rate.

     The company said in a stock exchange filing Monday that its core net profit came to 4.1 billion pesos ($92 million) in the January-March period, unchanged from the same period of 2013.

     The company said "the combined effect of a 2% increase in volume attributable to new accounts ... and significantly higher contributions from Meralco's (Manila Electric's) operating subsidiaries (was) offset by the effect of the decrease in (the) distribution rate."

     Group electricity revenues for the quarter declined 16% to 54 billion pesos. The slide came despite a 2% increase in the volume of energy sales to 7,908 gigawatt-hours and a 3% increase in the number of customers to 5.4 million.