PLDT Inc. said Thursday net income declined by 60 percent in 2022 mostly because of accelerated network and technology upgrades.
The country’s largest telecom company said reported net income amounted to P10.48 billion last year, down from P26.36 billion in 2021.
Telco core profit, which excludes the impact of asset sales and Voyager Innovations, reached P33.1 billion last year, up from P30.23 billion in 2021.
“Our core business remains to be sound, and continues to show solid EBITDA numbers,” said PLDT and Smart president and chief executive Alfredo Panlilio.
“We have an excellent network, strong brands and attractive products. Wireless is simplifying its portfolio, Home continues to expand beyond connectivity, and Enterprise is pursuing its digital transformation initiatives,” he said.
Consolidated service revenues went up to P205.24 billion from P193.25 billion in 2021. Total expenses amounted to P210.74 billion, up from P152.49 billion. Of the total, depreciation and amortization amounted to P98.71 billion, higher than P52.16 billion in 2021.
“2022 demanded practically everything that we had. Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our core business is strong; and our people endured, inspired by our singular mission of safeguarding and enhancing shareholder value,” PLDT chairman Manuel Pangilinan said.
“As we approach PLDT’s 100th year, we forge ahead in pursuit of the group’s North Star—enabling a digital life for every Filipino and improving lives,” he said.
PLDT said in a separate disclosure its forensic review of the elevated capital expenditures for 2019 to 2022 is “substantially complete”, and it found “no evidence of fraud, intentional concealment or bad faith conduct on the part of any employee of the company.”
PLDT also completed discussion with major vendors representing about 80 percent of its outstanding capex commitments as of December last year.
The company signed settlement and mutual release agreements with its major vendors in March 2023, which resulted in the reduction of outstanding commitments to P33 billion from P48 billion.
“It’s quite a relief…We’re relieved…that despite this hiccup in the road, the financial remain robust and strong,” Panglinan said when asked about if he is satisfied about the result of the investigation.
“There’s been no downgrading of PLDT’s credit standing. We’re relieved and focus on recovery in whatever reputation we may have lost,” he said.
PLDT said to prevent capex overrun in the future it had adopted and implemented various operational enhancements to its policies, procedures and controls relating to capex management process.
The company said its capex for this year would be P80 billion to P85 billion, lower than the P96.8-billion capex last year.