Philippine Telegraph and Telephone Corp. expects a steady growth towards the end of the year as the country rolls out its vaccination program, a top executive said over the weekend.
“Our company’s 2020 performance was encouraging and provides a baseline for our plans moving forward with consumer activity bouncing back as the country rolls out the vaccination program,” PT&T president and chief executive James Velasquez said in a statement.
Revenues reached P438.62 million last year, up 8.3 percent from P404.68 million in 2019.
PT&T’s net loss dropped to P31.32 million last year from P52.40 million in 2019.
“We emerged from 2020 having undergone the rigorous demands of responding to the pandemic, and we enter 2021 with a golden opportunity to be better equipped as a digital services provider while building a roadmap for recovery and resilience around the pillars of nation-building and customer-centricity,” Velasquez said.
PT&T recorded 2,106 data services circuits last year, higher compared to 1,760 and 1,277 in 2019 and 2018, respectively.
Velasquez said PT&T earmarked large capital expenditures this year to provide customers with an improved network and quality of service.
PT&T asked the Securities and Exchange Commission to reverse the previously approved increase of its authorized capital to give the company sufficient time to first complete the documentary requirements.
“Simultaneous with the process of reversal of the increase in our authorized capital, PT&T will continue with its expansion and operational plans while working on securing the SEC requirements that will allow us to resume our active trading of shares with the PSE,” Velasquez said.
PT&T has a network reach of 18,100 fiber kilometers in high-growth areas and covering almost 40 percent of the total Philippine population.
The company forayed into the IT services space, offering accessible, enterprise grade solutions in 2019 to complement their connectivity portfolio.
PT&T holds a 25-year franchise which allows it to establish, maintain and operate both wired and wireless telecommunications systems for domestic and international communication in the country.