PLDT reports strong Q1 results

(The Philippine Star) - May 7, 2021 - 12:00am

MANILA, Philippines — Integrated telecommunications company PLDT Inc. is off to a good start amid continued challenges brought about by the pandemic, putting it on track to achieve its full year targets for the year.

PLDT yesterday reported a core income of P7.5 billion in the first quarter, a nine percent increase from the P6.88 billion recorded in the same period last year.

Consolidated EBITDA hit an all-time high during the period, rising seven percent year-on-year to P23.3 billion on the back of higher service revenues.

PLDT’s consolidated service revenues jumped eight percent to P44.8 billion, led by data/broadband.

Across the company’s three customer segments, Home saw the largest increase of 19 percent, with service revenues hitting P10.9 billion.

Consumer wireless revenues reached P22.1 billion, up seven percent year-on-year, while the Enterprise business grew its revenues by four percent to P10.3 billion.

With the company’s strong first quarter results, PLDT chairman, president and chief executive officer Manuel V. Pangilinan said the company is on target to achieve its telco core income for the year of P29 billion to P30 billion.

“Most likely we’ll achieve the higher end of that telco core income target,” he said.

“Revenues are looking good for April and first week of May, so the revenues for the second quarter are likely to be similar, if not higher than the first quarter growth we saw,” Pangilinan said.

Pangilinan said PLDT’s capital expenditures of between P88 billion and P92 billion this year also remain on target after spending over P20 billion in the first quarter.

“The company appears to be on track for the full year in terms of revenues and capex.

The EBITDA number for the first quarter was pretty strong and the second quarter is looking pretty strong as well,” he said.

PLDT’s fiber infrastructure, which is the most extensive in the country, reached over 478,000 kilometers as of end-March.

The reach of its fixed broadband service has been extended to cover 10.2 million homes.

“In the face of unprecedented changes brought about by the pandemic, being a telco means we are well-positioned to address the needs of our customers, while at the same time enabling their passions and purpose,” Smart president and CEO and PLDT chief revenue officer Al Panlilio said.

“We are not simply a utility that provides our customers with connectivity for work or school, we are also helping them thrive in this pandemic by responding to their need to be entertained and to care for their overall well-being, powering their video-streaming, online stories, e-games,” Panlilio said.

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