PLDT Communications and Energy Ventures, Inc. (PLDT), formerly Pilipino Telephone Corporation, recorded core net income for the first quarter of 2012 of P517 million from P525 million recorded in the same period of 2011. PLDT's income derived mainly from its holdings in Beacon Electric Asset Holdings, Inc. (Beacon).
PLDT owns 50% of Beacon, a special purpose company jointly owned by PLDT and Metro Pacific Investments Corporation (MPIC) whose sale purpose is to hold shares in Meralco. As of 31st March 2012, Beacon beneficially owned 541.2 million shares, equivalent to a 48.02% interest in Meralco.
Core Earnings per share for the first three months of 2012 remained at P0.04.
Reported net income for the first quarter of 2012 was P428 million compared with P213 million for the same period in 2011 as PCEV received dividend income of P191 million from its investment in Beacon preferred shares.
PLDT is 99.7% owned by Smart Communications, Inc. as of 25th April 2012.
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"PLDT recorded P517 million net income for the 1st quarter of 2012"
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