Manila's San Miguel Q3 net up about 24 pct - source

MANILA, Nov 5 (Reuters) - Philippine conglomerate San Miguel Corp (SMCB.PS) posted a 24 percent increase in third-quarter net income, possibly lifted by earnings from its holdings in Manila Electric Co (MER.PS), a company source said on Thursday.

The Philippines' third-largest listed firm posted net income of about 57 billion pesos ($1.2 billion) in January to September, more than double its profits of 20.9 billion pesos a year earlier, the source, who asked for anonymity as he was not authorised to talk to the media, told Reuters.

Stripping out reported first-half net income of 55.6 billion pesos, San Miguel's third-quarter net profit was 1.4 billion pesos compared with 1.13 billion pesos a year earlier, based on Reuters' calculations.

Analysts do not give quarterly forecasts for San Miguel and a mean estimate of 11.7 billion pesos net income this year, according to Thomson Reuters I/B/E/S, has been thrown off by the company's huge asset sales.

Profits at San Miguel, maker of Southeast Asia's oldest beer brand, have been boosted this year by one-off sales of substantial stakes in operating units, part of a strategic shift into high-growth sectors such as power, telecoms and toll roads.

San Miguel, which sells nine out of 10 beers in the Philippines, is likely to benefit from election-related spending this quarter and into 2010 ahead of May presidential polls. ($1=47.6 pesos)

(Reporting by Rosemarie Francisco)