MANILA, Philippines - (1st UPDATE) Manila Electric Co.'s (Meralco) net profit in the second quarter climbed 21% in the second quarter, its traditionally strong quarter as consumers' usage rose in the hot summer months.

The country's largest power retailer, Meralco is owned by Philippine conglomerates Metro Pacific Investments and San Miguel Corp.

Meralco said on Monday that its net profit in the first half jumped by 51% from a year earlier to P4.85 billion.

Taking out first quarter net income of P2 billion, Meralco's net profit in the second quarter would be P2.8 billion, based on Reuters' calculations, versus P2.32 billion a year ago.

Core earnings, which strip out currency and derivatives related items, was $5.81 billion in January to June, up 82% from a year earlier.

Analysts expect Meralco's net income to rise more than double to P14.07 billion this year from P6 billion in 2009, according to consensus forecast from Thomson Reuters.