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MANILA, Philippines - A subsidiary of Smart Communications Inc. that holds the PLDT group's shares in Manila Electric Co. (Meralco) doubled its net income in the first quarter of this year.
In a disclosure to the Philippine Stock Exchange, PLDT Communication and Energy Ventures, Inc. (PCEV) said its net income doubled to P427.9 million from P212.7 million in the same three-month period last year.
Its core net income dropped to P512 million from P525 million in 2011.
The company's earnings is derived mainly from its holdings in Beacon Electric Asset Holdings Inc.
PCEV owns 50 percent of Beacon, a special purpose company jointly owned with Metro Pacific Investment Corp. and whose sole purpose is to hold shares in Meralco.
Beacon beneficially owns 541.2 million shares, equivalent to a 48.02 percent interest in Meralco.
PCEV is 99.7 percent owned by Smart.
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