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. 



  Write to P.R. Venkat at venkat.pr@wsj.com