PLDT Q1 profit up 2 pct

Posted at 05/06/14 12:59 PM

MANILA – Philippine Long Distance Telephone Company (PLDT) posted a 2 percent jump in its net income for the first quarter of 2014 on the back of double-digit growth in broadband and data revenues.

The firm said its net income grew to P9.4 billion in the first three months of this year from P9.2 billion registered in the same period last year.

PLDT’s broadband, data and internet revenues for the first quarter increased by P1.5 billion or 24 percent year-on-year to P7.6 billion, making up 18 percent of total group service revenues.

Wireless broadband revenues, exclusive of mobile internet revenues, likewise grew 7 percent to P2.4 billion from P2.3 billion last year while mobile internet revenues grew by 81 percent to P1.8 billion.

Its fixed broadband businesses posted revenues of P3.4 billion in the first quarter, up 18 percent from the same period in 2013.

PLDT’s combined broadband subscriber base reached 3.6 million at end-March.

Smart’s wireless broadband subscriber base, meanwhile, reached 2 million at the end of the period.

In a statement, PLDT said the jump was also a result of the rise in core income and the increase in manpower rightsizing program (MRP) expenses in the first quarter of 2013 following the application of Revised Philippine Accounting Standard (PAS) 19, which offset higher foreign exchange and derivative losses.

“In the first quarter of 2014, consolidated revenues grew 3 percent year-on-year on the back of a 22 percent rise in broadband and data revenues, muted by a 2 percent decline in legacy revenues and a similar decline in combined LEC, cellular domestic voice and SMS revenues,” added PLDT chairman Manuel V. Pangilinan.

Pangilinan believes PLDT “is firmly back on the growth path” and is on track to meet its core net income guidance of P39.5 billion for the full year 2014.