PLDT income rises to P7.7B

PLDT, Inc. saw its attributable net income for the second quarter of the year rise 8.5% to P7.7 billion from P7.1 billion in the same period a year earlier despite tough economic conditions.

Revenues for the quarter climbed 7.3% to P51.2 billion from P47.7 billion previously, PLDT officials said during a briefing on Thursday.

Expenses increased 45.7% to P55.8 billion from P38.3 billion in the same period last year.

The company said it sustained quarter-on-quarter growth in data and broadband, which grew by 10% or P6.6 billion to P74.9 billion in the first half, contributed 79% to consolidated service revenues.

“Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization), in the first six months grew 8% or P3.9 billion year on year to P50.5 billion, another all-time high, crossing the P100-billion mark for the last 12-month period,” it added.

The company is on track to meet its 2022 targets, according to PLDT and Smart Communications, Inc. President and Chief Executive Officer Alfredo S. Panlilio.

He said service revenues are expected to post a mid-single digit growth.

“Home broadband will lead this growth, with Enterprise also expected to register stronger performance, underpinned by ICT. And although Wireless faces tough market conditions, it should benefit from the continued opening up of the economy,” he added.

PLDT Chief Finance Officer Anabelle L. Chua said the company’s consolidated net debt as of the first half amounted to $3.9 billion while net debt-to-EBITDA stood at 2.16x.

She said gross debt was at $4.8 billion, “with maturities well spread out.”

“Only 16% of gross debt are denominated in US dollars and 5% are unhedged,” she noted. “PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade.”

PLDT shares closed 2.33% higher at P1,760 apiece on Thursday. — Arjay L. Balinbin