PLDT: mobile subscriber growth quadruples net income

5 Nov 2003

The Philippines’ largest telco, Philippine Long Distance Telephone Company (PLDT), has reported a net income of PHP4 billion (USD72.4 million) for the third quarter of 2003, four times the PHP985 million posted at the same time in 2002. The operator attributed the profit to its wireless operations – Smart Communications and Piltel – both of which saw unprecedented growth in the three months to the end of September 2003, adding 1.2 million new customers to take their total customer base to 11.5 million, up from 8.6 million at the end of 2002. Smart’s new pre-paid product, launched in May, offers customers services at around a third cheaper than the regular package, and has been the basis of much of the growth; around 700,000 new subscribers signed up for the service in July and August. The group’s consolidated revenues for the quarter increased by 21% to PHP70.4 billion, while EBITDA rose 19% to PHP39.9 billion.