PT&T trims losses as revenues rise 23%

Despite the pandemic, Philippine Telegraph and Telephone Corp. (PT&T) hauled in ₱217 million revenues for the first half of 2020, up 23 percent yearon-year, and pared down its net losses by 45.37 percent to ₱19.5 million, from ₱35.7 million.

As people shifted their activities online during the lockdown, the telco's broadband connections surged 22 percent.

Demand for wireless connectivity peaked during the quarantine period as Filipinos stayed home and engaged in telecommuting, e-commerce, digital play, online learning and online banking.

PT&T's core EBITDA skyrocketed 209 percent to ₱37 million versus the same period last year.

Despite limitations due to quarantine and physical distancing, the company's Fixed Broadband segment boosted subscriber numbers, translating to a 15 percent increase in revenues.

PT&T's new IT Services also grew significantly, contributing close to 10 percent of the company's total revenue in the first half of 2020.

These improved the company’s net loss position by 45 percent versus last year.

The depreciation of fiber network-based investments made in recent years accounted for most of the losses.

“We all have to live with the business uncertainty brought about by the pandemic for the foreseeable future," acknowledged James Velasquez, president and chief executive.

However "PT&T is here to bridge the technology gap and support the digital transformation needs of Filipinos and businesses with our combined connectivity and IT services," he stressed.