Philippine Power Retailer Sees Recovery After 30% Profit Drop
(Bloomberg) -- Manila Electric Co., the Philippines' largest power retailer, is expected to recover from last year's 30% profit drop as the economy reopens, its chairman said on Monday.
Net income last year fell to 16.3 billion pesos ($335 million) from 23.3 billion pesos in 2019, its first profit drop since 2008, according to data compiled by Bloomberg.
Philippine Economy Shrinks More Than Expected on Weak Demand
Chairman Manuel Pangilinan said that while he sees a better year ahead, the company will be in a better position to give earnings guidance in the middle of 2021. Manila Electric shares rose as much as 5.7% in Monday's session before closing 1.1% higher.
The electricity supplier for the capital region and nearby provinces increased its fourth quarter profit by 2% to 5.06 billion pesos, despite a 21% decline in revenue to 61.1 billion pesos, it said. Energy sales fell 7% last year, dragged by a 20% decline in commercial sales. Residential sales increased 13% in 2020.
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