MANILA, Philippines — PLDT, Inc. on Thursday reported lower earnings in the first half of the year.
In a disclosure to the stock exchange, the telecom giant said its net income stood at P11.8 billion, 29 percent lower than the same period last year mainly due to “a higher gain from asset sales” in the first semester of 2017.
Meanwhile, PLDT’s core income from telecom operations grew 6 percent year-on-year to P13.0 billion. The company also maintained its full-year core income target of P23-24 billion for 2018.
PLDT’s earnings report came amid what the company’s Chairman and CEO Manuel Pangilinan calls “headwinds,” including the Department of Labor and Employment’s order to PLDT to regularize 7,300 employees.
“We have stayed on the growth path through the mid-point of this year by banking chiefly on the momentum of our Home and Enterprise businesses,” Pangilinan said.
“Our Individual Wireless business has taken further steps forward, making gradual additions to its revenues and subscriber base. Life has, however, become more complicated due to developments,” he added.
“Despite these headwinds, the favorable factors for our continued recovery remain in place. Through creative and persistent efforts, we can make these factors work for us and enable us to attain our goals this year,” he continued.
Shares in PLDT were down P3 or 0.22 percent to close at P1,347 apiece on Thursday. — Ian Nicolas Cigaral