MANILA – Philippine Long Distance Telephone Co. (PLDT) is considering raising funds in the second half of the year to finance its expansion program, its president and chief executive Napoleon Nazareno said.
The funds will be used to bankroll its P32 billion capital expenditure program set this year.
“We are still contemplating it. Proceeds will be used for the roll out, capex, expansion, and others,” he said.
Nazareno, however, said the Pangilinan-led firm has yet to finalize the amount and whether it will involve the issuance of bonds or loans.
PLDT’s budget for capital expenditures this year will be allocated to boost network coverage through more 3G coverage, long-term evolution (LTE) sites, as well as an expanded fiber optic network.
Nazareno said PLDT is on track to meet its core net income target of P39.5 billion this year.
“It is on track, our bottomline will be on track with the guidance figures,” he said, noting that first half growth can be attributed to higher revenues, enhanced EBITDA margin, and the growing mobile broadband business.
The firm’s net income slightly climbed to P9.38 million in the first quarter of the year from P9.18 billion in the same quarter last year.