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MANILA, Phliippines - The country's biggest power distributor announced on Thursday that its consolidated net income in the first quarter surged 58 percent to P3.4 billion from a year ago.
Consolidated electric revenues were 16 percent up year-on-year to P65.1 billion, according to Manila Electric. Co. (Meralco).
The company attributed the growth to the "better than expected" economic environment, strong remittances of overseas Filipino workers, revenues of the business process outsourcing industry, benign inflation and the slightly warmer temperature.
"These allowed Meralco to realize a 10 percent growth in energy sales volume in the first quarter, resulting in higher electricity revenue despite the lower distribution charge per kilowatt-hour," the utility said.
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