PLDT core income up 10 percent in first half to P15.2 billion as tax rates lowered

ABS-CBN News

Posted at Aug 05 2021 02:41 PM

MANILA - PLDT’s telco core net income in the first six months of the year hit P15.2 billion, up 10 percent compared to the same period in 2020, the telecommunications firm said on Thursday. 

“Telco core Income (which excludes the impact of asset sales and Voyager Innovations) climbed 10 percent year-on-year or P1.3 billion to P15.2 billion in the first half of 2021, helped by lower tax rates,” PLDT said. 

Taxes were lowered for large firms to 25 percent from 30 percent with the signing of the Corporate Recovery and Tax Incentives for Enterprises or CREATE bill earlier this year. 

PLDT said its consolidated service revenues grew in the second quarter by a record 9 percent, or P3.7 billion, to P45 billion. This brought service revenues in the first half up P7 billion, to P89.9 billion, led by data/broadband, PLDT said.

"Though we are seeing the economic impact of the pandemic, we still expect overall revenue growth for the year,” said PLDT chairman Manuel Pangilinan. 

The company is on track to hit its P30 billion telco core net income target for the year, Pangilinan added. 

The telco said it spent P41.3 billion in the first half for capital expenditures, the bulk of which was for network upgrades. PLDT has said that it aims to spend between P88 billion and P92 billion in capex for the year.

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