MANILA - Manila Electric Co (Meralco), the Philippines' largest power utility, posted a 29 percent increase in full-year net profit on higher electricity sales in one of Asia's fastest-growing economy. 

Net profit in 2012 was P17 billion ($418 million)compared with P13.2 billion the year before, Meralco said in a statement. 

Core net profit rose 9.3 percent to P16.3 billion, slightly exceeding the company's guidance of P16 billion. 

Meralco, controlled by Hong Kong-listed conglomerate First Pacific Group through its unlisted local unit Beacon Electric Asset Holdings Inc with a 48 percent stake, said it expects core net profit this year to exceed the 2012 figure. 

Meralco is partly owned by Philippine conglomerate San Miguel Corp.