MANILA, Feb 25 (Reuters) - Manila Electric Co (Meralco) , the Philippines’ largest power utility, posted a 29 percent increase in full-year net profit on higher electricity sales in one of Asia’s fastest-growing economy.
Net profit in 2012 was 17 billion pesos ($418 million)compared with 13.2 billion pesos the year before, Meralco said in a statement.
Core net profit rose 9.3 percent to 16.3 billion pesos, slightly exceeding the company’s guidance of 16 billion pesos.
Meralco, controlled by Hong Kong-listed conglomerate First Pacific Group through its unlisted local unit Beacon Electric Asset Holdings Inc with a 48 percent stake, said it expects core net profit this year to exceed the 2012 figure.
Meralco is partly owned by Philippine conglomerate San Miguel Corp.
To view the company's full disclosure on its results, click on link.reuters.com/web36t
$1 = 40.7 pesos Reporting by Erik dela Cruz; Editing by Rosemarie Francisco