PLDT core net income dips 26% in Q1

PLDT Inc. on Friday said consolidated core net income dropped 26 percent in the first quarter of 2017, pressured by a sagging top line.

Consolidated core net income reached P5.3 billion in January to March from P7.21 billion a year earlier, the telco said in a regulatory filing.

Total revenue stood at 39.188 billion, down 8 percent from P42.779 billion on the back of a 7 percent decline in service revenue to P37.7 billion from P40.59 billion.

Fixed service revenue grew by 10 percent to P16.9 billion, but this was offset by a 16 percent decline in wireless service revenue to P20.8 billion.

Non-service revenues declined by 31.8 percent to P39.18 billion from P42.77 billion.

Earnings before interest, taxes, depreciation and amortization amounted to P16.5 billion, down 1 percent from P16.6 billion. — Ted Cordero/VDS, GMA News