PLDT Inc. said Thursday it posted a slower drop in net income in the first nine months, as consolidated service revenues hit a record level.
The country’s largest telco said net income amounted to P16 billion in the first nine months, down 2 percent from last year on higher manpower reduction program expenses and lower gains from the sale of Rocket Internet shares.
Core income increased 1 percent in the first nine months to P19.4 billion, excluding the impact of equity in losses from Voyager and gains from the sale of Rocket Internet shares. Consolidated service revenues rose 8 percent to P116.3 billion, the highest nine-month revenue ever attained by PLDT and surpassing the 2014 peak.
“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,” PLDT chairman, president and chief executive Manuel Pangilinan said.
Meanwhile, Globe Telecom Inc. reported a 20-percent growth in net income in the first nine months to P17.7 billion from P14.7 billion in the same period last year.
Core net income also climbed 20 percent to P17.9 billion as gross service revenues went up 13 percent to P110.6 billion.
“We are happy that the sustained topline and profit growths we have achieved over the past three quarters have positioned us well as we head into the fourth quarter,” Globe president and chief executive Ernest Cu said.
“We are likewise excited that, as we gear up for the rollout of our At Home Air Fiber 5G service, we are shaping the future of the nation and solidifying our leadership role in providing fast and reliable internet in the markets we serve,” he said.
The company reported total mobile revenues of P83 billion in the nine-month period, up 13 percent from P73.7 billion in the same period last year.
Mobile data business contributed P52.2 billion, while mobile voice and mobile SMS revenues added P18.5 billion. Globe’s mobile subscriber base reached 97.4 million as of the third quarter, up 5 percent from the previous quarter.
Globe’s home broadband revenues grew 19 percent year-on-year to P16.1 billion, powered by the 40-percent subscriber expansion in fixed wireless solutions.