Manila's PLDT sees 5 pct rise in 2008 core earnings

MANILA, March 4 (Reuters) - Philippine Long Distance Telephone Co (PLDT) (TEL.PS), the country's most valuable firm, said it expects its 2008 core net income to rise 5 percent after an 11 percent climb in 2007, broadly in line with expectations.

PLDT, partly owned by Hong Kong's First Pacific Co Ltd (0142.HK) and Japan's NTT group (9432.T), said it had core net income of 35.2 billion pesos ($866 million) in 2007 against 31.6 billion pesos a year earlier.

The company had said it expected core net income of upto 35 billion pesos last year.

It expects core earnings -- which strip out currency swings and derivative gains -- to hit 37 billion pesos this year, the company said in a statement.

Net income reached 36 billion pesos last year, up 2.6 percent from 2006. For the fourth quarter, net income was 9.5 billion pesos, up just one percent from the same period of 2006.

PLDT 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.

PLDT shares climbed 25 percent in 2007 from a year earlier, outpacing the 21 percent gain in the main stock index .PSI. ($1 = 40.64 pesos)