Philippine power conglomerate First Holdings net profit surges by 614%

16:12, April 12, 2010      

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Philippine power conglomerate First Philippine Holdings Corp. reported a 614-percent surge in 2009 net profits on back proceeds from the sale of most of its stake in the country's largest power retailer Manila Electric Co.

First Holdings disclosed to the Philippine Stock Exchange on Monday that its audited financial statement for 2009 showed a net income of 8.5 billion pesos (189.3 million U.S. dollars) compared with 1.2 billion pesos (26.7 million U.S. dollars) in the previous year.

First Holdings sold an initial 20 percent stake in Meralco for about 20 billion pesos (445.4 million U.S. dollars) last year to the First Pacific Group of Hong Kong.

This year, the company sold additional 6.7 percent interest in Meralco - or half of its remaining stake - to First Pacific.



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