Manila's PLDT Q3 net profit up 49 pct, beats estimates

MANILA, Nov 3 (Reuters) - Philippine Long Distance Telephone Co (PLDT) (TEL.PS), the country's most valuable firm, said on Tuesday its third-quarter profits jumped 49 percent due earnings from its investment in Manila Electric (MER.PS).

PLDT, owned by Hong Kong's First Pacific Co Ltd (0142.HK), Japan's NTT Communications (9432.T) and NTT DoCoMo (9437.T), said it saw net income of 10.3 billion pesos ($216 million) in the July-to-September period against 6.9 billion pesos a year ago, higher than analysts' profit forecast of 9.9 billion pesos, according to Thomson Reuters I/B/E/S.

Analysts expect PLDT's 2009 net profit to jump 18.2 percent to 40.9 billion pesos, based on Thomson Reuters I/B/E/S, as spending related to preparations ahead of the May 2010 presidential polls boost earnings.

Core earnings, which strip out currency and derivatives gains, climbed 11 percent in the third quarter from a year ago to 10.1 billion pesos.

PLDT kept its forecast for full-year 2009 core earnings at 41 billion pesos, nearly 8 percent higher from 2008.

PLDT shares were down 0.39 percent after the results announcement, underperforming a 0.51 percent rise in the benchmark stock index .PSI.

($1 = 47.6 pesos)

(Reporting by Manolo Serapio Jr; editing by Valerie Lee)