PLDT posts flat P9-B income, says core profit up2 min read
PLDT Inc. reported an attributable net income of P9.02 billion in the first quarter, down by 0.7% from P9.08 billion in the same period last year when it booked non-recurring gains.
“Last year, we had this income from the prescription of preferred redemption liability worth P7.8 billion, which was not present this year,” said Danny Y. Yu, the newly appointed chief financial officer and chief risk management officer, on the sidelines of the company’s media briefing on Thursday.
“But in terms of telco core income, it’s higher even after the [share] losses in Voyager Innovations, Inc.,” he said, referring to the digital solutions provider under PLDT’s digital bank Maya Bank, Inc.
In the first quarter, the company booked P8.64 billion telco core income, which is 5.1% higher than the P8.22 billion recorded last year.
“We continue to reinforce our core infrastructure. We are now at 17.2 million in terms of homes passed, an increase of about 1.7 million homes from the previous period,” PLDT President and Chief Executive Officer Alfredo S. Panlilio said.
PLDT’s top line was 5.1% higher at P52.36 billion in the first three months of the year from P49.83-billion revenues booked in 2022. Its service revenues, gross of interconnection costs, reached P49.73 billion, up by 4.4% from P47.65 billion previously.
The individual wireless segment of the company contributed P19.8 billion of the service revenues. Home accounted for P15 billion, enterprise shared P11.8 billion, while the international segment accounted for P500 million.
In the first quarter, the company recorded a 4.8% decrease in its expenses, which included interconnection costs and marginal revenue product expenses at P39.7 billion from P41.69 billion.
Cost-cutting measures were implemented during the quarter such as those involving compensation and energy efficiencies, Mr. Panlilio said.
The company’s capital expenditure (capex) during the quarter was at P19.3 billion, 22%…
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