Meralco stocks at all time high

Stocks of Manila Electric Company (MER) soars to an all time high with its rally helped by the easing out of quarantine rules.

MER , which is the ticker symbol of the power firm listed at the Philippines Stock Exchange (PSE) , started to hit the Php 300 per stock in mid October last year and has been rising to present Php 380 apiece.

The Php 380 price marked its all time high during the 52 week period achieved during the summer period of 2022. This highest price compared to its low of Php 265 in 52 week period, which the Pse regularly used this period span to track price trend of every stock.

First quarter consolidated revenues reported at Php 85.9 billion improving by 33 percent over comparable quarter in 2021.

In a disclosure to the public, MER claimed that the robust growth in revenues attributed to the uptick in energy sales as well as in power generation. Pass through charges also contributed to the revenue increase.

The full disclosure and discussion of the first quarter 2022 results will be discussed once available according to Mer.

The dominant power distribution firm also reported that systemwide energy sales registered 16,227 Gigawatt Hours (GWH) on the back of increased volume sales of power generation, retail and business electricity sales.

Consolidated core net income grew by 28 percent to Php 5.564 billion during the first quarter of 2022.
Core earnings per share increased to Php4.99 pesos compared from first quarter 2021 performance.
The passing into law of the so called Corporate Recovery and Tax Incentives for Enterprises (CREATE) was a factor that enhanced the core net income of the power firm.

The company known as MERALCO reported also its stellar performance in the concluded May national elections with supply of energy unhampered. RIZA LOZADA