Manila Electric Co (OTCPK:MERVF)
$ 5.35 0 (0%) Market Cap: 9.44 Bil Enterprise Value: 9.66 Bil PE Ratio: 12.50 PB Ratio: 4.08 GF Score: 85/100
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Full Year 2020 Manila Electric Co Earnings Call Transcript

Mar 01, 2021 / 07:00AM GMT
Release Date Price: $5.35
Betty Cheng Siy;Yap
Manila Electric Company - CFO, Chief Risk Officer & Senior VP

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was at PHP 275.3 billion in -- for the year, 14% lower than 2019. Electricity revenues dropped 7% to PHP 267.9 billion, reflecting both the reduction in volume as well as the lower purchased power cost. Distribution revenues is at 8% lower at PHP 60.6 billion compared with 2019.

Our total costs and expenses for 2020 amounted to PHP 254.3 billion, 11% lower than 2019. Purchased power cost, which is the largest component in total cost and expenses, was 15% lower, reflecting also the movement in past due charge. OpEx is at PHP 25.8 billion, 5% lower than 2019. CapEx for the year totaled PHP 20.8 billion, 3% higher than 2019 despite the challenges from quarantine restrictions.

Our total interest-bearing debt is at PHP 40.1 billion, 3% lower compared with the PHP 41.3 billion in 2019. Our subsidiaries contributed to our bottom line with the biggest amount coming from Meralco PowerGen with San Buenaventura. Their contribution [improved to 500%].

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