Meralco units reversing last years losses’
MANILA -Power distributor Manila Electric Co. (Meralco) on Tuesday said its subsidiaries were in the process of reversing the losses incurred the previous year, allaying fears that its power generation business might pull down the companys bottom line.
Meralco chair Manuel Pangilinan himself said both Global Business Power Corp. (GBP) and Meralco PowerGen Corp. (MGen) had already turned positive and are now contributing to Meralcos bottom line.
We should see a significant uptick in the profits of the generation part of the business. So I think we need to allay your concerns and I think in general [it will be] a good year for Meralco as a whole, he said at the companys annual stockholders meeting on Tuesday.
To recall, Meralco recorded a 40-percent growth in its consolidated core net income during the quarter to P9 billion thanks to its power generation business led by MGen.