Back on growth path: PLDT hits record 9-month revenues but profit slighty down
Telco giant PLDT Inc. is back in growth mode after years of stagnant revenues and a difficult period that saw it retrench employees and restructure its operations.
PLDT saw its nine-month consolidated service revenues rise by 8% year on year.to an all-time high P116.3 billion,, exceeding the previous peak in 2014.
Its three major business groups — consumer wireless, PLDT Home and PLDT Enterprise – accelerated their growth momentum with revenues rising 11% to P109.4 billion.
Revemues from data and broadband grew 20% to P76.7 billion.
PLDT”s net income, however, fell 2% to P16 billion due to higher expenses and lower gains from the sale of Rocket Internet shares
“By posting its highest-ever nine-month revenues, PLDT is providing more evidence that it is firmly back on the growth path. It is worth noting that we have started to make inroads in recovering market share in revenue terms in the mobile business in the last two quarters, indicating that we have reached a turning point,” said Manuel V. Pangilinan, cairman and president of PLDT.
“Our efforts are now focused on building on the momentum achieved thus far which means continuing to level up our game to better address the rapidly evolving needs of our individual and corporate customers,” he added.
Thr wireless business saw revenues expand by 20% to P52.6 billion, of which 68% came from data.
As a result, mobile internet revenues soared 47% with mobile internet traffic rising to 1,106 PB or 1.1 Exabytes. The growth was attributed to strong demand for mobile games