Manila's PLDT says Q1 core net profit up 11 percent

MANILA, May 6 (Reuters) - Philippine Long Distance Telephone Co. (PLDT) (TEL.PS: Quote, Profile, Research, Stock Buzz), the country's biggest telecoms group, said on Tuesday first-quarter core net profit rose 11 percent to 9.3 billion pesos ($220 million) as revenues kept climbing despite rising inflation.

PLDT, the country's largest listed company, cautioned that a global slowdown would take its toll on all businesses eventually but it said it remained cautiously confident about the rest of the year.

PLDT has forecast that its core net profit, which strips out currency swings and derivative gains, will rise by 5 percent this year to 37 billion pesos, more than halving from last year's 11 percent expansion as weaker economic growth eats into sales.

PLDT said its overall net profit rose 21 percent to 10.4 billion pesos, partly due to foreign exchange and derivative gains. Service revenues rose 6 percent.

Analysts do not generally give quarterly forecasts for Philippine companies but expect PLDT 2008 net profit to rise 8 percent to 38.8 billion pesos, according to Reuters Knowledge.

Shares in PLDT, which is 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)(9437.T: Quote, Profile, Research, Stock Buzz), dropped 11 percent in the first quarter, outperforming a near 18 percent fall in the general index .PSI in the same period amid a global stock market rout.

(Reporting by Carmel Crimmins; Editing by Kim Coghill)