Manila, Oct. 27 -- The Manila Electric Company (Meralco) on Monday reported a 14-percent increase in consolidated core net income (CCNI) to PHP40 billion, boosted by its distribution utility (DU) business.

In a disclosure with the Philippine Stock Exchange (PSE), the company said the DU business accounted for 55 percent of the total income as of end-September this year at PHP21.9 billion, followed by power generation at 37 percent, amounting to PHP14.7 billion; and retail electricity supply (RES) and non-electric business, 8 percent or PHP3.4 billion.

Meralco said that while the DU business remains to have the largest contribution to income, it is the power generation segment that posted an improvement after the latter's contribution to...