MANILA - PLDT Inc said Thursday net income in the April to June period income grew 85 percent as it saw signs of "steady progress" in its shift to digital services.
Net income attributable to shareholders grew to P11.6 billion in the second quarter from P6.2 billion during the same period last year. This was due in part to the P21.8-billion sale of PLDT's stake in Beacon Electric to parent Metro Pacific last June.
PLDT has lagged behind rival Globe in leveraging its telephone and SMS business into internet services.
Second quarter service revenues were "levelling off" and equal to the P35.6 billion booked in the first quarter, indicating that the downward trend had been "arrested" after 6 consecutive quarters, PLDT said.
"We have made steady progress in the first half of this year in stabilizing our overall business and positioning the group to return to a growth path, largely on the back of data and broadband services," PLDT president and chairman Manuel Pangilinan said.
Pangilinan said the company had "greater confidence" of meeting its P21.5-billion core income guidance for the year.