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Philippines’ Manila Electric Company (Meralco) reported its reported net income grew by 20% to P19.8b (US$341m) in the first nine months of the year, up from only P16.5b (US$284m) in the same period last year.

Core earnings per share stood at P17.394 (US$0.29), representing a 9% growth; whilst consolidated revenues amounted to P314.9b (US$5.42b), which is 36% up from the previous year.

Meralco attributed its revenue growth to the higher pass-through charges on account of persisting increases in global fuel prices.

Moreover, Meralco reported a 6% growth in consolidated distribution utility energy sales volumes to 36,553 gigawatt-hour.

“Surpassing pre-pandemic levels in our consolidated sales volumes signifies that demand for power, particularly from the commercial segment, will continue to grow as we recover and move forward from the pandemic,” Meralco President and CEO Ray C. Espinosa said.

“However, we recognize that elevated fuel prices coupled with the depreciation of the Peso, which is already nearing P60 to a dollar, continue to put upward pressure on Meralco’s retail rates. While we seek ways to cushion the impact of these challenges, our customers can expect that Meralco will continue to energize more households and more businesses.”