MANILA, Philippines - Meralco's net income for 2009 reached P6 billion, or 114% higher than the previous year's P2.8 billion.

This was on the back of P184.87 billion revenues in 2009, lower than the previous year's P191.78 billion.

On the other hand, core net income reached P7 billion versus P2.61 the year before.

Core net income takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers. 

Manila Electric Co. is the Philippines' largest power distributor. It is partly owned by holding firm Metro Pacific Investments Corp and its affiliate Pilipino Telephone Corp., and food-to-power conglomerate San Miguel Corp. 

Meralco is minority owned by the power arm of the Lopez Group of Companies. ABS-CBN Broadcasting is part of the Lopez Group of Companies, with abs-cbnNEWS.com as its online news arm.