PLDT income up 4% to P12.2 B in H1

Telco giant PLDT Inc. expects to finish the year strong after posting robust financial results in the first half, with the company’s chairman Manuel V. Pangilinan expressing eagerness to leave his post as president and chief executive officer should the healthy financial trend continue next year.

PLDT said its net income grew by four percent year-on-year to P12.2 billion, while telco 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 likewise increased six percent year-on- year to P76.7 billion, the highest half-year revenue level posted by the company since the second semester of 2014,.

PLDT said revenue growth was led by the Consumer Wireless Business, which together with the Home and Enterprise Businesses, raised revenues by 11 percent to P72.1 billion, accounting for 94 percent of consolidated service revenues.

“For now, I’d like to see 2019 finish on a high note as we see moving in that direction,” Pangilinan said.

Pangilinan is confident that PLDT would attain its guidance for full-year telco core income of P26.4 billion,

“For 2019, we’re getting to be more confident about our numbers. Our revenues will increase by double digit around 10 percent, including international. And then wireless is very strong. Both Home and Enterprise would see improvement in the revenues and if we continue to contain our cost for the year, then I think our EBITDA will rise to historic high levels and profitability will improve by at least 10 percent this year compared to last year,” Pangilinan said.

To further bolster PLDT’s momentum, Pangilinan said the company would further enhance customer experience across various businesses through strategic organizational adjustments and overhaul of its IT systems and customer service processes.

Pangilinan said his time as PLDT’s president and CEO may soon come to an end given the sustained improvements in the company’s financial performance.

“If the revenue picture stabilizes, if by the first half or third quarter next year I feel we’re achieving some steady percormance in terms of growth, stability in revenues and healthy profitability for PLDT, then there’s no reason for me to stay,” he said.

Pangilinan said it would be up to the PLDT board to make a decision on who should be its new president and CEO.

Pangilinan took over the president and CEO position in PLDT after the retirement of Napoleon Nazareno in late 2015.

In 2017, Pangilinan said PLDT has started a market scan of individuals who could serve as the company’s new CEO, and was then targeting to name a new head of the telco giant by 2018.