PLDT Q1 profit drops 8 pct to P9.2-B


Posted at May 07 2013 01:00 PM | Updated as of May 08 2013 02:49 AM

MANILA - Philippine Long Distance Telephone Co (PLDT)  expects its 2013 core net profit to rise 2.7 percent, a pick up from the 4.4 percent drop in 2012, as internet and broadband revenues increase.

PLDT, the country's second most valuable listed firm, gave its forecast after posting on Tuesday an 8 percent drop in first-quarter profit, partly due to lower foreign exchange and derivative gains from a strong peso and costs related to job cuts.

The company said net income from January to March was P9.2 billion ($224.83 million) against a revised P9.96 billion in the same year-ago period.

Most Philippine market analysts do no provide quarterly forecasts.

PLDT, part-owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo, in February reached a deal to sell for $316 million its business process outsourcing unit to private equity firm CVC Capital Partners Ltd. The deal was concluded last month.