Pangilinan: Philex, Meralco posted double-digit growth in Q3

Posted at 10/20/10 7:02 PM

MANILA, Philippines - Profits of listed firms Philex Mining Corp. and Manila Electric Co. (Meralco) likely grew by double-digits in the third quarter of the year, their chairman, Manuel Pangilinan, said Thursday.

Philex enjoyed higher production rate and benefited from higher metal prices. Meralco, on the other hand, recorded double-digit growth in energy sales, Pangilinan noted.

"Philex is doing better because of the rate of production and the rate of yield on production has gone up. So the amount of gold and copper shipped is higher. Of course, the price went up for gold and copper."

"Meralco will be higher as well mainly driven by higher energy sales," added the official.

Philex posted a net income of P965 million in the first half, down from P1.13 billion in the same period of 2009, due to the absence of non-recurring gains. But Pangilinan said the steady rise in gold and copper prices in the world market will boost the company's full-year earnings.

Meralco's net profit, meanwhile, jumped 51% to P4.85 billion in the 6-month period on stronger demand during the hot summer months.

Pangilinan is also chairman of another listed firm, Philippine Long Distance Telephone Co. (PLDT), which is expected to report a single-digit growth in its July to September bottomline, mainly on softer revenues.

Pangilinan said the cellular business continues to take a blow from industry-wide offering of bucket pricing and unlimited pricing schemes.