PLDT reports small rise in Q1 net income on data, internet growth

7 May 2014

Philippine Long Distance Telephone Company (PLDT) has reported a 2% year-on-year rise in unaudited net profits for the three months ended 31 March 2014 to PHP9.38 billion (USD211 million), buoyed by the popularity of its data and internet services. Revenue for the period under review increased by 4% y-o-y to PHP42.54 billion, and core profit (excluding one-time items such as foreign exchange transactions) climbed by 2% to PHP9.76 billion, as PLDT closed out the first quarter with a total of 76.2 million subscribers, broken down as 70.5 million cellular customers, 3.6 million broadband users and 2.1 million fixed line subscribers. PLDT intends to spend between PHP31 billion and PHP32 billion in the current financial year on capital expenditure, less than 20% of its projected revenue.

Commenting on the results, PLDT chairman Manuel Pangilinan said: ‘The structural shift in our revenue mix continues, wherein growing revenues from our data businesses replace those from our legacy business such as NLD (national long-distance), and fixed and wireless international voice. While this transition takes place, revenue growth and EBITDA margins will be tempered.’ Pangilinan went on to note that: ‘Given the company’s performance in the first quarter of 2014 and the outlook for the rest of the year … PLDT is firmly back on the growth path, and on track to meet our core net income guidance of PHP39.5 billion for the full year of 2014.’