ASEAN KEY DESTINATIONS
PLDT posts 41% increase in Q1 net income
PLDT Inc. reported on Thursday a 41-percent increase in net income in the first quarter of the year, mainly coming from its home and enterprise businesses.
In a briefing in its headquarters in Makati City, Pangilinan-led PLDT reported a net income of P6.97 billion in January to March from P4.951 billion year-on-year.
“We are building on the gains of 2017, leveraging on the strength of our home and enterprise businesses, which achieved record high revenues in the first quarter this year,” PLDT chairman and CEO Manuel Pangilinan said.
The telco posted a 5-percent increase in revenue to P38.839 billion from P37.097 billion.
PLDT Home generated a revenue of P8.9 billion during the quarter, while the Enterprise Group made P9.2 billion.
“Both now account for nearly half of our total service revenues,” Pangilinan said.
The wireless individual business units of PLDT—Smart, TNT, and Sun—contributed a combined P14.8 billion in service revenues.
“At the same time, we are stabilizing and raising the trajectory of our Wireless Individual business which registered two sequential quarters of top-line growth,” Pangilinan said.
He said the company is optimistic about continuing improvement in financial performance.
“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,” he said.
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