Meralco raises 2012 core earnings guidance

Posted at 10/29/12 3:11 PM

MANILA, Philippines - Manila Electric Co, the country's largest power distributor, said it upgraded its core earnings guidance this year to P16 billion ($388 million) from P15.5 billion previously.  

Meralco said its net income for the first 9 months of the year rose 37% to P13.6 billion, from P10 billion a year ago. Core net income reached P12.9 billion for the January to September period. 

Meralco's 9-month revenues reached P214.7 billion, up from P189.1 billion a year ago. 

The company is controlled by Hong Kong-listed conglomerate First Pacific Group through its local unit Beacon Electric Asset Holdings Inc, and is partly owned by Philippine conglomerate San Miguel Corp. - With Reuters