Brighter days ahead: PLDT signals return to profit
After four tough years, PLDT Inc. appears to be finally turning the corner as it expects to swing to profit in 2018, thanks to its digital transformation initiative.
PLDT chief revenue officer Eric Alberto said the company’s sweeping digital push as well as efforts in ramping up capacity, expanding coverage and upgrading IT infrastructure are paying off.
“We have reversed the negative momentum, and the business has now taken a turn towards growth at three percent improvement — a gain of P1.2 billion versus the first quarter of 2017,” PLDT chief revenue officer Eric Alberto said during the company’s annual shareholders meeting yesterday.
PLDT grew its first quarter profit by 39 percent to P6.9 billion while consolidated core earnings rose 14 percent to P6.1 billion.
“Our performance in the first quarter and the current year to date trending give us confidence that our growth is gaining traction, and should be sustainable as the year progresses,’ he added.
Core income, excluding that of unit Voyager, went up 23 percent year-on-year to P6.7 billion, which if annualized would put the company ahead of its income guidance of P23 billion to 24 billion for the year.
To ensure sustainable ansd faster growth, PLDT chairman and president Manuel V. Pangilinan said they would continue to invest heavily to further strengthen its wireless and data services.