PLDT net income down 5 percent in first quarter as telco ramps up spending | ABS-CBN
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PLDT net income down 5 percent in first quarter as telco ramps up spending
PLDT net income down 5 percent in first quarter as telco ramps up spending
ABS-CBN News
Published May 07, 2020 08:58 PM PHT
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MANILA—PLDT’s core net income fell 5 percent in the first quarter, as the telco ramped up its capital expenditure from its network rollout program, the company disclosed on Thursday.
MANILA—PLDT’s core net income fell 5 percent in the first quarter, as the telco ramped up its capital expenditure from its network rollout program, the company disclosed on Thursday.
The Manny Pangilinan-led telco reported a core net income of P6.9 billion, which it said was still higher than its average quarterly telco core net income of P6.8 billion last year.
The Manny Pangilinan-led telco reported a core net income of P6.9 billion, which it said was still higher than its average quarterly telco core net income of P6.8 billion last year.
Service revenues, meanwhile, were up 9 percent to P41.5 billion during the period, which the company said was a new high.
Service revenues, meanwhile, were up 9 percent to P41.5 billion during the period, which the company said was a new high.
The increase in revenues was driven by data and broadband services, PLDT said, particularly on its wireless network, which now account for 71 percent of total revenues.
The increase in revenues was driven by data and broadband services, PLDT said, particularly on its wireless network, which now account for 71 percent of total revenues.
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“However, the outlook for the balance of 2020 has been affected by the COVID-19 pandemic, and the Enhanced Community Quarantine (ECQ) implemented on Luzon and later extended to other parts of the country, starting the second half of March 2020 until the middle of May,” the company said.
“However, the outlook for the balance of 2020 has been affected by the COVID-19 pandemic, and the Enhanced Community Quarantine (ECQ) implemented on Luzon and later extended to other parts of the country, starting the second half of March 2020 until the middle of May,” the company said.
PLDT, however, added that the COVID-19 lockdown has also pushed the rapid adoption of online and digital services as people turned to work-from-home setups, distance learning, online shopping and payments, e-health services and other online services.
PLDT, however, added that the COVID-19 lockdown has also pushed the rapid adoption of online and digital services as people turned to work-from-home setups, distance learning, online shopping and payments, e-health services and other online services.
“Moving forward, there will be likely some softening of revenue growth in the second quarter this year. But overall, we expect revenues to stay on the growth path versus last year,” said
Manuel Pangilinan, chairman, president and CEO of PLDT.
“Moving forward, there will be likely some softening of revenue growth in the second quarter this year. But overall, we expect revenues to stay on the growth path versus last year,” said
Manuel Pangilinan, chairman, president and CEO of PLDT.
The company, however, said its planned capital expenditure of P80 billion for the year "will probably be pared down" between 20 percent to 25 percent, suggesting that capex levels will be in the P60-plus billion level.
The company, however, said its planned capital expenditure of P80 billion for the year "will probably be pared down" between 20 percent to 25 percent, suggesting that capex levels will be in the P60-plus billion level.
This as PLDT's network rollout activities were constrained by the COVID-19 lockdown.
This as PLDT's network rollout activities were constrained by the COVID-19 lockdown.
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