Manila Electric Company Reports Earnings Results for the First Quarter Ended March 31, 2021
April 26, 2021 at 03:21 am
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Manila Electric Company announced earnings results for the first quarter ended March 31, 2021. For the first quarter, the company announced total revenue was PHP 64,712 million compared to PHP 69,466 million a year ago. Net income was PHP 4,334 million compared to PHP 2,619 million a year ago. Basic earnings per share from continuing operations was PHP 3.846 compared to PHP 2.323 a year ago.
Manila Electric Co. is an electric distribution utility company in the Philippines covering 39 cities and 72 municipalities. The Company operates through two segments: Power and Other Services. The Power segment consists of electricity distribution, power generation and rental electricity services (RES). Electricity distribution includes electricity distribution and supply of power on a pass-through basis covering all captive customers in the MERALCO and the Clark Electric franchise areas in Luzon. The other services segment is involved principally in electricity-related services, such as, electro-mechanical engineering, construction, consulting and related manpower services, e-transaction and bills collection, telecommunications services, rail-related operations and maintenance services, insurance and re-insurance, e-business development, power distribution management, energy systems management and harnessing renewable energy, construction, and leasing of communication towers.