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Friday, March 29, 2024

Meralco expects 4% sales growth in 2015

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Power distributor Manila Electric Co. said Wednesday sales are expected to grow by up to 4 percent in 2015, after core net income in 2014 likely hit the profit guidance of P17.8 billion.

“I think we are on track to be slightly better [for 2014],” Meralco president Oscar Reyes told reporters at the sidelines of the launch of the Meralco PowerLab, a two-level multipurpose facility that can test the power consumption of appliances and gadgets.

The company will release its 2014 full-year financial results next month.

Meralco chairman Manuel Pangilinan said sales volume might increase further this year, amid positive economic prospects.  “Typically, it grows between 3 and 4 percent, may be more this year,” he said.

“January was a little tough because the weather was cooler in two to three weeks, so demand was likely weaker. I think only for that reason. Economic growth is still quite strong so it should return to growth. We’re seeing growth happen in the latter part of January as it’s warmer now and February,” Pangilinan said.

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Reyes said earlier November sales volume likely grew 6.6 percent, driven by increased demand from industrial and commercial users while sales volume growth in December was below 3 percent.  He said sales volume growth in 2014 was expected at 3 percent.

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