PLDT Inc. said Thursday net income grew by 45 percent in the first nine months from a year ago amid toughening economic headwinds.
The company said it posted a net profit of P27.4 billion from January to September, up from P18.84 billion it booked in the same period last year.
It said that net profit in the third quarter amounted to P10.64 billion, also up from P5.92 billion a year ago.
Telecom core income, excluding the impact of asset sales and Voyager Innovations, went up by 10 percent to P25.4 billion in the nine-month period.
“Our third-quarter performance has shown that the business continues to do well amidst external challenges—first COVID-19, then inflation and high interest rates, not to mention the ever-present typhoons’ and the indication so far is that the full year performance will be ahead of last year especially as the fourth quarter is typically a good one. We must focus and execute well,” said PLDT and Smart Communications president Alfredo Panlilio.
“Ultimately, PLDT’s main advantage is having three revenue engines with strong competitive and complementary positions. This has made the PLDT Group resilient in challenging times,” he said.
PLDT’s revenues amounted to P152.93 billion in the first nine months, higher by 6 percent than P143.85 billion in the same period last year.
The company’s enterprise business recorded P35.2 billion in revenues, up 9 percent year-on-year, while revenues of PLDT Home reached P42.7 billion, up by 21 percent year-on-year.
PLDT’s Individual wireless segment posted P61.7 billion in revenues, down from P65.1 billion last year.
“Enterprise seems to be our bright spot as we continue to empower businesses in their digital transformation and help promote the Philippines to be the next major ASEAN digital hub,” Panlilio said.
“Meanwhile, PLDT Home continues to grow despite increasing challenges to people’s wallets due to continuing high inflation and the prolonged impact of Typhoon Odette,” he said.
PLDT is in the process of reviewing its consolidated capital expenditure for 2022, which could exceed the initial guidance of P85 billion.
“We are also watching our capex levels, especially the impact of the weakening peso on our dollar-denominated debts and imported capex, even capex committed in previous years and current ones. With the disciplined effort led by our Transformation Office, we are trying to manage some softness in our topline, as well as tightly control our costs,” Panlilio said.
PLDT chairman Manuel Pangilinan said that as consumer income was under threat and government finances were challenged, investments would emerge as a primary recovery tool.
“Hence, investments are needed, both by the government and the private sector to drive the economy forward,” Pangilinan said.
“The supreme task of nation-building is one that the group is very serious about. We help as many people as we can, especially those below the line of poverty, in partnership with Government. After all, the essential task of PLDT and indeed the ultimate test of our effectiveness transcends the goal of delivering good and services for profit. It is, and will remain, the improvement of people’s welfare,” he said.