PLDT second quarter net income down 58 percent

August 9, 2018

PLDT Inc. on Thursday said net income went down 58 percent in the second quarter.

PLDT reported a net income of P4.88 billion in the second quarter, down by 58 percent  from P11.59 billion in the same period last year.

From January to June, PLDT’s net profit declined 28 percent to P11.80 billion, down by 28.5 percent from P16.56 billion in the same period last year.

PLDT’s core profit from telco operations grew six percent year-on-year to P13 billion. With Voyager, core income would be P11.7 billion, slightly lower by one percent.

Revenues amounted to P76.36 billion in the first half, up by 1.3 percent to P76.36 billion from last year’s P75.38 billion.  Expenses reached P67.37 billion, up 7.37 percent from P62.74 billion in the same period last year.

“We have stayed on the growth path through the mid-point of this year by banking chiefly on the momentum of our Home and Enterprise businesses. Our Individual Wireless business has taken further steps forward, making gradual additions to its revenues and subscriber base,”  Manuel V. Pangilinan, PLDT and Smart chairman, president and chief executive officer said.

"Life has, however, become more complicated due to developments like the order of the Department of Labor and Employment for PLDT to hire over 7,300 employees from 38 of our service contractors. The injunction order granted by the Court of Appeals and the court’s reversal of certain findings relating to labor-only contracting provide relief, but considerable work still has to be done to resolve this matter with finality,” he added.

Pangilinan said the "favorable factors for our continued recovery remain in place.”

Pangilinan said the company maintained its full-year telco core income target of between P23 billion and P24 billion, excluding Voyager.

PLDT set aside P58 billion in capital expenditures this year. DMS