Image via WikipediaMANILA, Philippines - Manila Electric Co., the Philippines' largest power distributor, said on Tuesday its board of directors has approved a dividend payout equivalent to 50% of its core earnings compared with about 30% previously.Meralco also said it was optimistic its core net income this year would be higher than 2009, but declined to give a specific forecast.
"Moving forward, it's better to have a consistent dividend policy," said Rafael Andrada, company treasurer. He added there was no formal policy previously though the company's prior cash dividends were around 30%.
Company chairman Manuel Lopez said in a statement the regular dividends could be supplemented by special dividends on a look-back basis.
Meralco reported net income of P6 billion in 2009, up 114% from 2008.
Core net income -- which takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers -- climbed to P7 billion in 2009 from P2.61 billion a year earlier.
Manila Electric is partly owned by holding firm Metro Pacific Investments Corp. and its affiliate Pilipino Telephone Corp., and food-to-power conglomerate San Miguel Corp.
http://www.abs-cbnnews.com/business/02/23/10/meralco-pay-dividends-50-core-net
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