PLDT second quarter net income up 16% despite COVID-19

August 6, 2020

PLDT Inc. on  Thursday said its net income grew by 16 percent in the second quarter despite the coronavirus virus disease 2019 (COVID-19) pandemic.

The country’s largest telcommunications company said net profit amounted to P6.44 billion in the April to June period, higher from P5.51 billion in the same period last year.

This brought first half net income to P12.42 billion, up by one percent to P12.23 billion in the same period last year.

Core net income amounted to P12.86 billion in the first half of the year, up by five percent from P13.86 billion in the same period last year.

“We are obviously pleased that our numbers have held up well despite the challenging times and we are hopeful that we can maintain a bottom line similar to 2019. But more importantly, we are happy that we have been able to provide uninterrupted, essential communications services to our countrymen,“ Manuel V. Pangilinan, PLDT chairman, president and chief executive  said.

“This pandemic has underscored how staying connected is crucial to everyone’s lives. We are social creatures by nature and thankfully, technology has made it possible to keep in touch, even during a lockdown,” he added.

PLDT posted total service revenues amounting to P82.8 billion in the first half of the year, higher by eight percent compared to the same period last year.

The company said quarantine restrictions starting mid-March trimmed service revenues to P41.3 billion in  second quarter.

This was slightly lower than the P41.5 billion in revenues posted in the first quarter, but still 7 percent higher year-on-year.

Data and broadband revenues reached P59 billion, up by  18 percent year- on-year.  DMS