PLDT 9-month earnings in 2019 down by 2%
MANILA, Philippines – PLDT reported lower earnings for the 1st 9 months of the year as equity losses from Voyager continued to take a bite and it saw lower gains from the sale of Rocket Internet shares.
PLDT said on Thursday, November 7, that its net income was down by 2% year-on-year to P16 billion.
Excluding the impact of Voyager and the sale of Rocket Internet shares, its core income amounted to P19.4 billion, just 1% higher than the same period last year.
While the bottom line had a slight slowdown, PLDT recorded its highest 9-month revenue level at P116.3 billion, which is 8% higher than a year ago. This surpassed the previous peak in 2014.
Service revenues rose to P39.6 billion in the 3rd quarter, up by 9%.
"By posting its highest-ever 9-month revenues, PLDT is providing more evidence that it is firmly back on the growth path. It is worth noting that we have started to make inroads in recovering market share in revenue terms in the mobile business in the last two quarters, indicating that we have reached a turning point," said Manny Pangilinan, the chairman, president, and chief executive officer of PLDT.
Meanwhile, the company's major business groups – Consumer Wireless, PLDT Home, and PLDT Enterprise – generated a total of P109.4 billion in revenues, up by 11% year-on-year.
Data and broadband now make up 66% of total service revenues, which grew to P76.7 billion.
Mobile internet revenues jumped by 47%, with mobile internet traffic rising to 1.1 exabytes for the 9-month period.
PLDT noted the increased usage of mobile games, leading the company to focus more on the gaming niche.
"Mobile games are at a tipping point, and we are giving esports the big boost that will make it soar," said Oscar Reyes Jr, PLDT senior vice president for consumer business. – Rappler.com