PLDT confident of hitting P21.5-B core income goal
PLDT 1ST HALF RESULTS: Top PLDT Inc. officials led by (from left) chief financial officer Anabelle Chua, chairman and CEO Manuel V. Pangilinan, chief revenue officer Eric Alberto, and chief corporate services officer Ray Espinosa entertain queries from the press during the telco giant’s briefing on its first semester performance.
MANILA, Philippines - PLDT Inc. is confident of achieving the P21.5 billion recurring core income guidance for the year due to the steady progress in the first half.
In a press briefing yesterday, PLDT chairman and chief executive officer Manuel V. Pangilinan said the group expects to meet its full year recurring core income guidance for the year as it is satisfied with the results seen in the first semester.
PLDT’s recurring core income, which excludes gains from asset sales, earnings before interest, tax, depreciation and amortization (EBITDA) adjustments and related tax adjustments, reached P11.9 billion in the first half, up slightly from P11.8 billion in the same period last year and in line with the P21.5 billion guidance for the year.
“For the second half, we must be able to establish a total of recurring core of around P10 billion. Based on the first half results, it gives us comfort that we can achieve at least P10 billion of recurring core income,” Pangilinan said.
PLDT’s core income reached P17.4 billion in the first half of the year, down two percent from P17.7 billion in the same period last year.
Consolidated service revenues of PLDT reached P71.2 billion in the first semester, down six percent year-on-year, but showed the downward trend of the topline for the past six quarters had been arrested.
The Home and Enterprise business units continued to grow in the first half as Home revenue rose 12 percent to reach P15.8 billion, while Enterprise revenue increased 11 percent to P16.8 billion from a year ago.
While revenue from the wireless consumer business declined 16 percent to P29.6 billion as of end-June from a year ago level, it showed improvement on a quarter-on-quarter basis.
Revenue from wireless business reached P14.9 billion in the second quarter from P14.7 billion in the previous quarter, the first time in eight quarters that revenue registered an upturn.
Pangilinan said PLDT expects revenues from the Home and Enterprise business units to continue growing in the second half, and anticipates some modest increase in wireless revenues in the second semester.
In terms of the EBITDA guidance, he said PLDT is maintaining the P70 billion it set for the year.
PLDT’s EBITDA reached P32 billion in the first half, a four percent increase from P30.7 billion in the same period last year.
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