PLDT Q3 net profit falls 10% to P9.3B

Reuters

Posted at Nov 03 2011 12:51 PM | Updated as of Nov 04 2011 01:11 AM

MANILA, Philippines - Philippine Long Distance Telephone Co. (PLDT), one of the country's most valuable listed firms, said on Thursday its third quarter net income fell 10% from year ago, as group revenues were partly hurt by a strong peso.

PLDT, owned by Hong Kong's First Pacific Co. Ltd, Japan's NTT Communications and NTT DoCoMo, said net income in the September quarter was P9.3 billion ($217.4 million), compared with P10.3 billion a year earlier.

Analysts had expected net profit of P9.7 billion  for PLDT in the third quarter and P39.8 billion for 2011, down 1% from 2010, according to Thomson Reuters I/B/E/S.

Core net profit, which excludes currency and derivatives-related items, fell 6% in the third quarter to P9.6 billion.

PLDT said it had cut its core profit guidance to P39 billion from P40.5 billion set early this year.

PLDT completed its $1.6 billion take over of rival Digital Telecommunications Philippines Inc. last week.

Shares of PLDT fell 1.27%on Thursday, as the Philippines' main stock index lost 1.12% in late trade.

PLDT has lost more than 7% so far this year, underperforming the main index which gained about 1%.