PLDT net income up 38% in first nine months

PLDT Inc. reported a double-digit growth in bottom line in the first nine months of the year, owing to the proceeds from the share sale of two subsidiaries.

Net income grew by to P21.9 billion in January to September, up 38 percent from a year earlier, the telco said on Thursday.

Consolidated core net income was up 7 percent at P23.2 billion, including gains from the sales of shares in Beacon Electric Asset Holdings Inc. and SPi Golbal Holdings Inc.

PLDT has so far gained P6.9 billion from the sale of Beacon shares to Metro Pacific Investments Corp. (MPIC)

It gained P1.4 billion from the sale of SPi shares to Partners Group.

SPi is one of the world's largest and most diversified BPO service providers in terms of clients.

Consolidated service revenues registered at P107.3 billion, while consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 11 percent to P50.7 billion.

PLDT president and CEO Manuel Pangilinan said the company expects to sustain growth in the remaining months of the year and until 2018.

"We won't be doing our job if we cannot improve on the P22-billion core  guidance for 2017. It clearly is our target to improve on the P22 billion for 2017," he said.

Next year, Pangilinan said the company will pursue its gameplan to cut costs, and rely on the fixed-line business.

"I suspect that PLDT for 2018 will rely mainly on the fixed-line growth, mainly because we want to keep pushing the envelope," he said.

"For 2018 there'll be reliance on the fixed-line side of business and the continuing containment of costs," he added. — VDS, GMA News