Filtered By: Money

PT&T confident to thrive amid latest ECQ

Philippine Telegraph & Telephone Corp. (PT&T) is confident that the company will thrive should the ongoing enhanced community quarantine (ECQ) persist longer than initially expected.

PT&T president and CEO James Velasquez said he hopes the impact of the ECQ will be minimal, but demand from its core market is expected to remain strong.

“We’re confident that in this time of pandemic, telco and IT services sector will thrive, as demand remains strong and steadily growing,” he said in an emailed statement on Monday.

“This sector will also be essential to our country’s economic recovery as it provides invaluable help to SMEs and MSMEs that need to restart their business,” he said.

Metro Manila is under ECQ, the strictest quarantine restrictions, until August 20, 2021. No guidance has been given so far as to what follows.

This comes as the company reported a net loss of P26.6 million, down 36% year-on-year on lower revenue growth and the depreciation for its capital expenditure and other rehabilitation related items.

Revenues for the period grew 7%, with an 8% revenue contribution from its IT services portfolio. Subscriber base likewise climbed 15%.

PT&T in 2016 secured a 25-year franchise that allows the company to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication in the Philippines.

Trading of the shares in the company have been voluntarily suspended since December 13, 2004 when they closed at P0.33.—AOL, GMA News