-- Manila Electric, doing business as Meralco, the Philippines' largest power distributor, on Monday reported a 5% increase in consolidated revenues to 120.8 billion Philippine peso ($1.96 billion) for Q1, mainly due to drop in residential and industrial sectors.
The company noted that despite a drop in these sectors, strong performance from its power generation arm sustained the utility giant's financial growth.
Residential sales dropped by 3.4% as unusually cooler weather reduced the need for cooling appliances. Commercial sales also saw a marginal 0.8% decline.
Similarly, industrial sales slipped by 1% as the sector grappled with steel raw material constraints and operational disruptions.
The company powers a vast network encompassing 39 cities and 72 municipalities.