Philippine Long Distance Telephone Company (PLDT) has revealed a net profit of PHP28.04 billion (USD512 million) for the full year 2004, up from PHP2.12 billion the previous year. The record results beat market expectations, thanks in the main to a strong performance at PLDT’s mobile units, Smart Communications and
Piltel, which ended the year with 19.2 million subscribers, an increase of 6.2 million on the previous year. Total revenues reached PHP126.24 billion at the end of the year, up on PHP112.04 billion in 2003, while expenses stood at PHP93.32 billion. The telco has projected a net profit of PHP27.46 billion for 2005.