MANILA – PLDT Inc’s net income continued to decline 2016, as revenues declined and the cost of shifting its business to digital services piled up.
The company reported core net income of P27.9 billion last year, down 21 percent from the previous year. It was also the third straight year of decline.
Net income attributable to shareholders reached P20 billion from P22 billion in 2015, the company told the stock exchange.
Consolidated service revenues fell 3 percent to P147.6 billion, PLDT said.
“We faced very tough tests in the past year as competition intensified and the shift to digital services accelerated. Our results reflect the impact of these challenges, but also point to us the way forward,” PLDT Inc Chairman Manuel Pangilinan said.
Pangilinan said he expected PLDT to recover in profitability this year, targeting a six-percent growth in recurring core net income to P21.5 billion.
PLDT Inc shares were up 0.2 percent to P1,473 at noon Tuesday.