Manila Electric Q2 net income up 21 pct

07/26/2010 - MANILA July 26 (Reuters) - Net income at Manila Electric Co (Meralco) (MER.PS: Quote), the Philippines' largest power retailer, climbed 21 percent in April to June, its traditionally strong quarter as consumers' usage rose in the hot summer months.
Meralco, owned by Philippine conglomerates Metro Pacific Investments (MPI.PS: Quote) and San Miguel Corp (SMC.PS: Quote) (SMCB.PS: Quote), said on Monday it had net income of 4.85 billion pesos ($105 million) in the first half, up 51 percent against around 3.21 billion pesos a year ago.

Taking out first quarter net income of 2 billion pesos, Meralco's net profit in the second quarter would be 2.8 billion pesos, based on Reuters' calculations, versus 2.32 billion a year ago.

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

Analysts expect Meralco's net income to rise more than double to 14.07 billion pesos this year from 6 billion pesos in 2009, according to consensus forecast from Thomson Reuters I/B/E/S. ($1 = 46.3 pesos)

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