Filipino telecoms giant Philippine Long Distance Telephone Company (PLDT) expects its 2Q12 core profit to be in line with its 2012 full year guidance, of PHP37 billion (USD889.5 million), its chairman Manuel Pangilinan is quoted as saying. The official told reporters that the company also has ‘no contemplation’ of needing to raise funds through equity or debt.
PLDT is currently in advanced talks concerning the acquisition of a stake in the country’s second largest TV broadcaster GMA Network. Discussions between PLDT and GMA Network shareholders have taken place on various occasions over the past decade or so, although ultimately each time they broke down over disagreements on price. The telco, which is the country’s largest operator by subscribers and revenues, already owns a stake in the Philippines’ number three broadcaster, TV 5. However, it is keen to ramp up its ability to offer its own programming content to furnish its evolving telecom services. Independent reports estimate GMA Network to have a market capitalisation of PHP33.68 billion.