By P.R. Venkat
Manila Electric Co.'s first-half net profit fell 43% on lower demand for electricity due to the Covid-19 restrictions.
Net profit during the January-June period was 6.84 billion Philippine pesos ($138.3 million), the company said Tuesday.
Revenue also fell 14% on year to PHP142.25 billion.
The company said electricity demand from industrial and commercial segments were lower due to restrictions imposed by the government to prevent the spread of Covid-19 pandemic in the country.
Manila Electric said that uncertainty remained as the effects of Covid-19 continue to impact the country.
"We are moving with caution, but remain positive that a recovery is in the offing," Manuel V. Pangilinan, chairman of Manila Electric said.
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