PT&T trims losses as broadband business up amid pandemic

Philippine Telegraph and Telephone Corp. (PT&T) narrowed its losses in the second quarter of the year, as its broadband connections grew during the period amid the lockdowns to curb the spread of the coronavirus pandemic.

In a regulatory filing, PT&T said it trimmed its net loss to P3.898 million in the second quarter from P15.364 million in the same quarter last year.

This comes as revenues rose to P99.924 million from P90.564 million, while costs and expenses grew to P111.806 million from P107.097 million.

PT&T attributed the growth to a 22 percent increase in broadband connections during the period, as internet access became essential amid the lockdowns.

To recall, the strictest quarantine measures under the enhanced community quarantine (ECQ) were placed over Metro Manila and other "high-risk" areas from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.

"We all have to live with the business uncertainty brought about by the pandemic for the foreseeable future," said PT&T President and Chief Executive James Velasquez.

"PT&T is here to help bridge the technology gap and support the digital transformation needs of Filipinos and businesses with our combined connectivity and IT services. Since last year we have managed to transform our offerings to be a digital services provider," he added.

The latest figures brought the company's year-to-date net loss to P19.5 million from P35.728 million last year. — DVM, GMA News