PLDT posts 8% drop in consolidated core net income in first nine mos.

Philippine Long Distance Telephone Company  (PLDT) on Tuesday said consolidated core net income declined by 8 percent to P28 billion in the first nine months of the year, weighed by higher operating expenses in the process of streamlining manpower and the selling and marketing of promo programs.   Consolidated service revenues encompassed P16.6 billion in revenue contribution from unit Digital Telecommunications Philippines Inc. (Digitel), which included – before the Digitel input –a 3 percent drop in wireless revenues, 1 percent lower fixed line revenues, and 16 percent increase in BPO revenues. Still, PLDT managed to make a P9.4-billion core income in the third quarter, or 4 percent higher than the average quarterly core net income of P9 billion in the second half of 2011.   Net income, after exceptional gains for the period, dropped 6 percent to P28.7 billion, from P30.6 billion.   The telco’s financial results now encompass the operating performance of Digitel which PLDT acquired last year in a share swap transaction with Digitel Parent JG Summit Holdings Inc.   PLDT Group’s consolidated cellular subscriber base was 68.6 million as of end-September 2012. — VS, GMA News