PLDT sustains strong growth in first half

PLDT posted a core income of P15.2 billion in the first half, up 10 percent from the P13.87 billion recorded in the same period last year.
BusinessWorld/File

MANILA, Philippines — Integrated telecommunications company PLDT Inc. continued to enjoy strong revenues in the second quarter behind sustained demand for data and broadband, lifting its earnings higher in the first semester.

PLDT posted a core income of P15.2 billion in the first half, up 10 percent from the P13.87 billion recorded in the same period last year.

The higher telco core earnings, which exclude the impact of asset sales and Voyager Innovations, was helped by lower tax rates, according to the company.

Reported net income, on the other hand, grew five percent to P12.9 billion from last year’s P12.28 billion.

Total revenues reached P95.62 billion during the six-month period, 10 percent higher year-on-year.

Consolidated service revenues grew by a record nine percent to P45 billion in the second quarter, pushing first half service revenues to P89.9 billion or an increase of 8.5 percent year-on-year.

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PLDT chairman Manuel V. Pangilinan said the company’s first half results put the company on track to hit its telco core income target of P30 billion for the year, alongside a high single digit increase in consolidated service revenues.

Service revenues for the year are seen hitting P190 billion, with EBITDA at above P90 billion.

“Though we are seeing the economic impact of the pandemic, we still expect overall revenue growth for the year,” Pangilinan said.

“The quality of our network and our superior customer experience continue to strengthen our revenue growth as our individual business continues to address the data requirements and digital lifestyle of Filipinos, our Home segment continues to tap into the large unserved demand for Home broadband, and our corporate digital transformation initiatives and data center business support our Enterprise segment’s growth,” he said.

PLDT Home recorded revenues of P11.8 billion in the second quarter, its second consecutive quarter of double-digit revenue growth.

The segment’s service revenues in the first half reached P22.7 billion, a 23 percent year-on-year jump, the highest increase among all business segments during the period.

“Our initiatives in the first half of the year reassert the group’s commitment to a digitally-empowered Philippines, providing world-class connectivity as a human right, positioning the country as a key player in the global arena, and actively embarking on sustainable development. We enable Filipinos to secure a better future,” PLDT and Smart president and CEO Alfredo Panlilio said.

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