PLDT posts P18.5 billion net income in H1, up 10%

Pangilinan-led telecommunications giant PLDT Inc. posted double-digit growth in its bottom line in the first six months of 2023.

In a disclosure with the Philippine Stock Exchange, PLDT reported a net income of P18.5 billion, up 10% from P16.8 billion year-on-year.

This, as total revenues grew by 3% to P104 billion from P100.8 billion, with consolidated service revenues amounting to P94.5 billion, up 1% year-on-year.

Capital expenditures during the period stood at P40.8 billion, down 11% year-on-year “in line with our goal to reduce capex spend in the near- to medium-term and to attain positive free cash flow.”

At a press briefing in Makati City, PLDT President and CEP Alfredo Panlilio said the company is revising its revenue growth target from “mid-single digit” to “low-single digit” this year.

“We’ve seen some softness in the first semester,” Panlilio said, citing the impact of inflation on consumer behavior.

“We’re hoping that the second half will be much stronger. We’re just being conservative on our projection, but we’re still aiming for the mid,” he said.

PLDT is eyeing to end 2023 with a telco core income between P33.5 billion and P34 billion.

The telco has earmarked between P80 billion and P85 billion for its capital expenditures this year. — DVM, GMA Integrated News