MVP bullish on PLDT’s Q3 results

MANILA, Philippines — Telecommunications and digital services provider PLDT Inc. is bullish on its third quarter earnings results given the sustained growth of its wireless business.

“Very good actually,” PLDT chairman and chief executive officer Manuel V. Pangilinan said when asked about the company’s third quarter performance.

Pangilinan said the growth is now driven by the wireless business.

“The growth of wireless revenues are really good. Home will continue to grow, but below expectations. Next year will be better. Enterprise is moving well,” he said.

PLDT’s net income grew four percent year-on-year to P12.2 billion in the first half, while core income, which excludes equity in losses from Voyager, accelerated depreciation, and gains from the sale of Rocket internet shares was flat.

Consolidated service revenues rose six percent to P76.7 billion, the highest half-year revenue level posted by the company since the second semester of 2014.

Service revenues of PLDT’s individual wireless business, which include consumer sales of  Smart, Sun and TNT mobile brands, jumped to P34.4 billion in the first semester, driven by the continued growth of mobile data traffic.

Smart, TNT, and Sun added 8.7 million new subscribers, bringing the total to over 66.8 million as of the end of June.

PLDT has set aside a historic-high capital expenditure program this year amounting to P78.4 billion to further enhance the reach and capacity of its fiber-powered fixed line broadband network and LTE and 3G mobile networks, as well as modernize its IT support systems.

Following its acquisition of a 45.73 percent stake in software engineering solutions firm Multisys for P2.15 billion late last year, the company remains on the lookout for potential investments in other technology firms.

“We look at several across the group. More like special platforms, special applications, but it won’t be a large investment,” he said.

Multisys, a company founded by software programmer-entrepreneur David Almirol Jr. which has developed a number of software platforms, is seen to complement the suite of solutions of units PLDT Enterprise and ePLDT.