Manila's PLDT 2007 net profit tops forecasts-official

MANILA, March 4 (Reuters) - Philippine Long Distance Telephone Co (PLDT) (TEL.PS: Quote, Profile, Research, Stock Buzz), the country's most valuable firm, recorded 2007 net profit of around 36 billion pesos ($883 million), beating market estimates, the company chairman said on Tuesday.

Manuel Pangilinan earlier said core earnings, which strip out currency swings and derivative gains, surpassed the company's guidance of 34.5-35 billion pesos in 2007.

PLDT, partly owned by Hong Kong's First Pacific Co Ltd (0142.HK: Quote, Profile, Research, Stock Buzz) and Japan's NTT group (9432.T: Quote, Profile, Research, Stock Buzz), was expected to post net income of 35.6 billion pesos in 2007, slightly higher than a year earlier, and further rising to 39.4 billion pesos this year, according to consensus forecasts by Reuters Estimates. ($1 = 40.75 pesos)