Meralco profit rises 12% as P56.6 billion goal comes into sight

Meralco said its consolidated core net income rose 12% to P44.8 billion in the first nine months, putting it nearly 80% of the way toward its P56.6 billion full-year earnings target. The company said stronger power generation and retail electricity supply businesses helped offset higher fuel costs, peso depreciation and rising electricity procurement expenses, while chairman and chief executive Manuel V. Pangilinan said it remained on track to hit the guidance barring significant unforeseen developments.