PLDT net earnings rise 39% to P6.9 B

It was a good start for PLDT Inc. this year as it saw net earnings rise by 39 percent in the first quarter from a year ago amid higher revenues and stabilizing wireless business.

For the first quarter, PLDT saw its net income grow to P6.9 billion this year from P5 billion in the same period last year.

The company’s core income also increased 13 percent to P6 billion in the first quarter this year from P5.3 billion in the same period a year ago.

Consolidated service revenues amounted to P35.9 billion in the January to March period this year, up one percent from the same period in 2017.

Revenue from the wireless individual business of mobile brands Smart, TNT and Sun contributed P14.8 billion in the first quarter this year, up two percent from the previous year’s P14.6 billion.

The enterprise business generated P9.2 billion worth of revenue in the first quarter, seven percent higher than the P8.6 billion a year ago. Home business, meanwhile, generated P8.9 billion worth of revenue in the January to March period this year, 14 percent higher than the P7.8 billion in the same period last year.

“It’s a good start for the year, across the board. There are rough spots still, but on the whole, I thought it was a good start for the group,” PLDT chairman and chief executive officer Manuel V. Pangilinan said.

In particular, he said the upswing in the individual wireless business is encouraging.

“After several quarters of challenged revenues, this upswing is definitely encouraging. But we are keenly aware that it has taken great efforts and historic investments to get this far. And that it will take persistence and perseverance to keep PLDT firmly on the growth path,” he said.

While the first quarter results signal a good start for the company, he said there is still room for improvement.

“I think we can do better. There are always expectations given the history of PLDT. I think it is fair to state that, a lot of work lays ahead of us, particularly on the wireless side of the business… I think we have identified areas where we need to pay a lot of attention in the coming months or years,” he said.

“I have always felt it is our overarching goal to restore PLDT in the position as the most profitable company in the Philippines and we will not stop until we get there,” he added.

Given the latest developments, PLDT is keeping its guidance for full-year recurring core income this year, excluding operations of Voyager Innovations Inc., to reach P23 to 24 billion this year.