MANILA - Philippine Long Distance Telephone Co (PLDT), the country's most valuable listed company, posted an 11 percent fall in second-quarter net profit as a nearly saturated mobile phone market crimped revenue growth and rising competition ate into margins.
PLDT, owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo, said its net income in April to June was P9.4 billion ($225 million) compared with P10.6 billion a year earlier.
Analysts had expected net profit of P10.1 billion for PLDT in the second quarter, based on consensus estimates of Thomson Reuters I/B/E/S.
Core net profit, which excludes currency and derivatives-related items, fell 11 percent to almost 9.4 billion pesos.
PLDT said it was maintaining its core profit guidance of P37 billion pesos for the full year.
The stock market was shut on Tuesday due to heavy monsoon rains and flooding in the capital. PLDT has risen only 8 percent this year, lower than the market's nearly 21 percent rise.