PLDT may be turning a corner: Q1 profit rises 39%
Things may finally be looking up for the telecommunications giant after some rough times.
PLDT Inc. said its net income jumped 39 percent to P6.9 billion, boosted by gains from its investment in German technology firm Rocket Internet and the strong performance of its broadband services.
Excluding one-time gains and exceptional charges, consolidated core earnings rose 13 percent to P6 billion while consolidated service revenues went up three percent to P36.7 billion.
“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. Both now account for nearly half of our total service revenues,” said Manuel V. Pangilinan, chairman and CEO of PLDT.
“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,” he added.
PLDT Home grew its revenues by 14 percent year-on-year to P8.9 billion, driven by robust subscriber take up of its home broadband services.
The Enterprise Group, on the other hand, reported a seven percent rise in revenues to P9.2 billion, largely driven by the increase in wireless data and ICT services of 22 percent and 15 percent, respectively.
The wireless individual business pumped in P14.8 billion in service revenues, up by only two percent.
Mobile internet revenues jumped 29 percent to P5.9 billion while Home broadband revenues increased by 18 percent to P5.6 billion, while corporate data and data center revenues went up six percent to P5.2 billion.