PLDT’s first-quarter income down 8% on forex losses

5 May 2009

Filipino incumbent fixed line and mobile services provider Philippine Long Distance Telephone Company (PLDT) says its consolidated net income for the three months ended 31 March 2009 fell 8% year-on-year to PHP9.6 billion (USD199.4 million), largely as a result of foreign exchange losses. In a company filing, PLDT said that despite the fall, core operating profit climbed 9% from PHP9.3 billion to PHP10.2 billion and consolidated free cash flow remained strong at PHP18.9 billion. The operator also reported consolidated CAPEX of PHP3.9 billion for the period under review, part of an estimated PHP27 billion total spend for this year. PLDT’s wireless division contributed revenues of PHP23.9 billion in the January-March period, 6% higher than the PHP22.5 billion booked for the same period last year. ‘We are buoyed by our strong start for 2009 – we have sustained our growth in both subscriber numbers and revenues across business lines. On this basis, prospects for our full year performance are quite encouraging,’ said PLDT chairman Manuel V Pangilinan.