PLDT turns the corner, books P16.5B income in 1st half
Telco giant PLDT Inc. reported a 32.5 percent surge in first semester profit to P16.5 billion, propelled by its investment in German e-commerce giant Rocket Internet.
“The large percentage increase stemmed from the significant impairment of PLDT’s investment in Rocket Internet which negatively impacted on reported net income last year,” PLDT said.
Though six percent lower year on year, the first semester’s consolidated service revenues amounting to P71.2 billion showed that the downward trend of the topline for the past six quarters had been arrested, with the second quarter figure levelling off and equaling those or the first quarter at P35.6 billion.
PLDT officials said quarter on quarter comparisons of other indicators provide further signs that the overall business is stabilizing.
In the second quarter alone, net income soared 134 percent to P11.6 billion while core income jumped 127 percent to P12.1 billion.
Home and Enterprise combined accounted for 46 percent of aggregate service revenues, surpassing the contribution of wireless consumer business of Smart, TNT and Sun.
Revenues from PLDT Home increased 12 percent to P15.8 billion while Enterprise revenues rose 11 percent to P16.8 billion.
“We’ve followed through on the initial gains in our efforts to stabilize the overall business of the Group by stanchint the decline of the wireless consumer business and sustaining the strong growth of our Home and Enterprise businesses. While it is still early in the game, our focused collaborative efforts, efficiently utilizing the resources of the entire Group to pursue clearly defined goals have produced encouraging results,” said Manuel V. Pangilinan, chairman and CEO of PLDT and Smart.