PLDT Jan-Sept profit grows 2% to P29B

Rappler.com
Higher revenues and gains from the sale of a unit boost growth

A man checks his mobile phone as he passes the headquarters of the Philippine Long Distance Telephone Co. at the Makati central business district. AFP Photo

MANILA, Philippines – Philippine Long Distance Telephone Company (PLDT) reported on Tuesday, November 5 its earnings in the first 9 months rose 2% on higher revenues, and one-time gains from the sale of a unit.

Net income in January to September reached P29 billion, versus P28.4 billion in the same period last year, the company, led by businessman Manuel Pangilinan, said in a statement.

PLDT said profit was mainly driven by higher wireless, and broadband and Internet revenues. One-time gains from the sale of its business process outsourcing unit also boosted growth.

Excluding currency, derivatives and other exceptional items, the company’s core net income in the 9-month period grew 4% to P28.8 billion from P27.7 billion in 2012.

Pangilinan said that operating conditions were favorable for the industry as a whole.

“The competitive enviroment has remained intense, but, with consolidation, has also allowed for growth. With the additional lift from the country’s positive economic situation, we are confident this is the year PLDT will turn the corner and return to a growth track,” he stressed.

PLDT, owned by Hong Kong’s First Pacific Company Ltd, Japan’s NTT Communications and NTT DoCoMo, expects its core net income to hit P38.3 billion in 2013.

Below are the highlights of the company’s financial performance in the first 9 months:

  • Wireless service revenues rose 2% to P86.4 billion from P84.7 billion
  • Revenues from broadband and Internet businesses – which now account for 16% of total service revenues – totaled P19.5 billion, up 16% 
  • Wireless broadband revenues, exluding mobile Internet revenues, increased 11% to P7 billion 
  • Mobile Internet revenues stood at P2.2 billion, up 55%
  • Fixed broadband businesses posted a 9% rise in revenues to P9.1 billion 

– Shadz Loresco/Rappler.com

 


 


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