Rate adjustments drive Meralco's Q1 earnings

Rate adjustments boosted the net income of Manila Electric Co., the sole power distributor in Metro Manila, in the year's first three months. Meralco told the Philippine Stock Exchange on Friday that its earnings in the January to March period improved six percent to P2.1 billion. "The higher consolidated net reported net is due to the effect of the much delayed implementation of rate adjustments...," Meralco said. It added that although consolidated revenues declined six percent to P57.4 billion, the company's costs and expenses also decreased seven percent to P53.7 billion. "We begin 2011 with an uninterrupted momentum. The continued energization of new industries and infrastructure developments support further growth of the company...We are eagerly awaiting any government measures or policies to address the spiraling oil prices, which is a concern for economic stability," said Manuel M. Lopez, Meralco chairman. -- CMA/OMG, GMA News