PLDT nine-month core income steady at P25.8B

Pangilinan-led PLDT Inc. on Tuesday reported flat core income in the first nine months of the year, as the increased share from digital bank Maya was offset by the drag in its legacy business during the period.

PLDT said its core income was steady at P25.8 billion, as the P603-million equity share in Maya’s core income offset the decline in the telco core which dropped by 5% to P25.3 billion. Reported income fell to P25.1 billion due to lower non-core gains and higher non-recurring charges.

“In a year of market pressures and economic slowdown, we’ve managed to stand firm,” PLDT and Smart Chairman and Chief Executive Officer Manuel Pangilinan said in a regulatory filing.

“The challenge now is to stand taller — to deliver growth that reflects not only effort, but excellence,” he added.

The wireless consumer segment posted P63.2 billion in revenues, with data revenues up 1% to P57.3 billion, driven by higher consumption and the sustained 5G adoption. Data traffic rose 6% to 4,393 petabytes on rising engagement in video streaming, gaming, and e-commerce.

The home business reported P45.7 billion in revenues, after posting a 7% growth on the fiber-only business, contributing 97% of revenues. Fiber net additions grew 67% and hit a net of 265,000 as of the third quarter.

PLDT’s enterprise unit saw P35.6 billion in revenues, led by renewed public-partnerships and rising small and medium enterprises (SME) adoption. Along with its data center arm, ePLDT recorded a 24% increase in revenues to P4.88 billion.

Fintech platform Maya grew its net income to P532 million in the third quarter, on the back of higher revenues, higher engagement savings activity, and cost management. — BAP, GMA Integrated News