earnings reports

PLDT 9-month profits up 8% as internet demand surges

Ralf Rivas
'With service revenues at an all-time high, we are poised to surpass last year's core income,' says PLDT chairman and CEO Manny Pangilinan

Telecommunications giant PLDT saw its profits jump in the first 9 months of 2020, as internet demand grew amid the coronavirus crisis and a recession.

PLDT’s core telco income stood at P21 billion in the January-September period, 8% higher than in the same period last year, pulled up mainly by a 14% jump in core income during the 3rd quarter.

Service revenues jumped 9% to P126.6 billion, its highest to date, as individual, enterprise, and home segments all reached an all-time high.

Data and broadband services jumped 18% to P90.8 billion in the first 3 quarters and accounted for 72% of its total revenues.

Despite a weak Philippine economy, PLDT’s 2020 earnings are set to surpass 2019’s levels.

“With service revenues at an all-time high, we are poised to surpass last year’s core income,” said PLDT chairman and chief executive officer Manny Pangilinan.

PLDT said the pace of its network expansion and upgrades have picked up, with capital expenditures for 2020 expected to hit at least P70 billion.

“I see us at the forefront of digital empowerment, overcoming constraints on businesses and lives imposed by COVID,” said Pangilinan. – Rappler.com

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author

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.