MANILA - PLDT saw a 95-percent jump in third quarter net income as service revenues hit an “all-time high” due to strong data and broadband demand during the pandemic, the company said on Thursday.
The telco firm recorded a P7.4 billion net income in the third quarter from P3.8 billion, while core income grew 14 percent to P7.1 billion.
High data and broadband demand boosted quarterly service revenues by 9 percent to P44.3 billion.
“I see us at the forefront of digital empowerment, overcoming constraints on businesses and lives imposed by COVID. We future-proof our business by establishing what we believe to be our strongest foundations - the best network, excellent products, and world-class customer service,” said PLDT chairman and CEO Manuel Pangilinan.
For the January to September period, PLDT's net profit rose to P19.9 billion from P16 billion a year ago, while core income slightly increased to P20.9 billion.
Likewise, nine month service revenues improved by 9 percent to P126.6 billion from P116.2 billion.
PLDT said capital spending will likely exceed P70 billion this year which will further improve connectivity as Filipinos shift to online activities at home.
“Having the customer at the center of our decisions and actions helps us zero in on key priorities: invest in the best network build and quality, deliver the most relevant content and develop the most advanced technology that provides the simplest solutions and platforms to our customers,” said Alfredo Panlilio, Smart CEO and President and Chief Revenue Officer for PLDT.
PLDT also said, some of the improvements in the pipeline include adding 5,000 fiber ports, cable landing stations, investments in submarine cables, and 2,000 additional cell sites for Smart.
“PLDT and Smart have always been committed to supporting the government in its efforts to introduce pro-investment telecommunications policies including all measures to speed up the rollout of telecommunications infrastructure in the country,” Pangilinan said.
“This is even more true today as we face an unfamiliar crisis that has changed the way we live and work. When both the public and private sectors collaborate, we believe that we are able to realize our common objective of having a world-class telecommunications service in the country,” he added.
President Duterte earlier threatened telcos PLDT/Smart and Globe to improve their services by December or face closure or expropriation.
He later encouraged telecommunications companies to report to his Cabinet officials the local government units hampering the building of cell sites in the country.
-- with a report from Bruce Rodriguez, ABS-CBN News