OREANDA-NEWS. March 22, 2013. First Pacific Company Limited (HKSE: 00142) (“First Pacific” or the “Company”) reported its audited financial results for the year ended 31st December 2012 with recurring profit declining 15% to USD360.3 million from a record USD 23.0 million a year earlier, principally owing to the closure of mining operations of Philex Mining Corporation (“Philex”) for the last five months of the year.

The 2012 recurring profit figure was nevertheless the third - highest recorded in the Company’s history.

Turnover rose 5% to USD 6.0 billion from USD 5.7 billion in 2011. 2012 reported net profit fell 39% to USD 348.8 million from USD 574.0 million (restated) in 2011 largely due to the non - repetition of a large non - recurring gain in the earlier year.

First Pacific, a leading investment management and holding company focused on the  economies of emerging Asia, is a major or controlling shareholder in the Philippines’ biggest telecommunications, infrastructure and mining companies and in Indonesia’s biggest vertically -
integrated food company.

Contribution from operations declined 10% to USD 463.1 million in 2012 from USD 511.8 million a year earlier. The largest component of the decline was a 72% decline in contribution from Philex to USD 13.8 million from USD 50.1 million, stemming from a suspension of operations at the Padcal mine from 1st August 2012 following a breach in its tailings pond.

This was followed by a 10% fall in the contribution from Philippine Long Distance Telephone Company (“PLDT”) to USD 193.1 million from USD 215.0 million owing to a difficult competitive environment. The contribution from PT Indofood Sukses Makmur Tbk (“Indofood”) declined 5% to USD 170.1 million from USD 178.5 million as a 7% decline in the rupiah exchange rate offset record - high earnings in local currency terms. Metro Pacific Investments Corporation (“MPIC”) reported a 26% increase in contribution to USD 86.1 million from USD 68.2 million a year earlier as, like Indofood, it reported record - high earnings.

In local currency terms, MPIC and Indofood both recorded their highest - ever earnings in 2012.
All four major First Pacific Group operating companies forecast stronger earnings in 2013.

In consideration of the Company’s positive prospects, First Pacific’s Board of Directors recommended a final dividend of 13 HK cents (1.67  US cents) per share, unchanged from a year earlier and bringing the regular dividend to 21 HK cents (2.70 US cents), unchanged from the record high set a year earlier
.
The regular dividend represents a payout of 29% of recurring profit to shareholders. “We look towards the future with great optimism notwithstanding a difficult year in 2012,” said Manuel V. Pangilinan, Managing Director and Chief Executive Officer of the Company.“PLDT is forecasting a return to earnings growth, Philex has reopened the Padcal mine and both Indofood and MPIC are confident of continuing earnings growth,” he said. “In addition, we are acquiring a strong new asset in our Singapore power plant and we are continuing to seek new investments to further increase value for our shareholders.”

Earlier in March, the Company and Meralco PowerGen Corporation (“Meralco PowerGen”) announced that FPM Power Holdings Limited (“FPMP”), a non - wholly owned subsidiary of the Company, has entered into a sale and purchase agreement to acquire 70% of GMR