Meralco’s H1 net profit falls 3.2%

Disappointment blamed on absence of one-time gain.

Manila Electric Company, the Philippines' largest power distributor, said its first-half net profit slipped 3.2% to US$218 million from US$225 million year-on-year. A one-time gain from the sale of Rockwell Land shares boosted Meralco’s bottom line last year.
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Electricity sales rose 4% year-on-year, suggesting steady growth of the economy.

Growing demand from business process outsourcing companies, other commercial establishments and generally warmer weather during the first six months of the power boosted electricity sales.