PLDT rakes in earnings in Q2 as economy churned

MANILA, Philippines — PLDT Inc. saw earnings widen in the second quarter, reaping the benefits of a reopened domestic economy.

In a disclosure sent to the Philippine Stock Exchange on Thursday, the Manny V. Pangilinan-led telco giant posted a net income that rose 20.9% year-on-year to P9.46 billion in the second quarter. In the first six months, earnings grew 10% on-year to P18.5 billion.

Consolidated revenues increased 3% on-year to P104.04 billion in the first six months. Service revenues advanced 1% to finish the first half at P94.5 billion, driven by the telco’s home and enterprise segments. 

Data and broadband comprised 82% of consolidated service revenues and inched up 4% to P77.5 billion in the first six months. 

Broken down, service revenues of PLDT’s Home fiber-only segment rose 11% on-year to P25.7 billion in the first half. Fiber subscribers stood at 3.1 million as of end-June. 

Revenues of PLDT’s enterprise segment improved by 2% to P23.2 billion in the first six months, fueled by their ICT segment, which comprised their data center and cloud business.

Consolidated earnings before interest, taxes, depreciation, and amortization improved 3% to P52.1 billion in the first half.

“A mindset of continuous improvement is one thing we at PLDT need to not only espouse but practice in everything we do. This will be our path to continued and greater success,” said PLDT chairman Manuel V. Pangilinan. 

“The prospects for growth of our business have been a critical issue which has hounded us in these recent years,” he added. 

Shares in PLDT currently trade 0.46% up at P1,311 as of 2:47 Thursday afternoon. — Ramon Royandoyan