Philippine Telegraph and Telephone Corp. (PT&T) remains optimistic of its growth outlook this year despite the disruption brought by the coronavirus disease 2019 (COVID-19) pandemic in the country.
PT&T grew its operating revenue by 41 percent in the first quarter this year even with the impact of the Taal Volcano eruption in January and the start of the enhanced community quarantine (ECQ) in March.
The company also reported a 244 percent year-on-year growth on core earnings before interest, tax, depreciation and amortization (EBITDA), while reducing net loss by 24 percent compared to the same period last year.
While second quarter results for 2020 are not in yet, PT&T said it is bracing itself as the upheaval brought about by the COVID-19 pandemic has proved that internet access is now considered a basic necessity, and technology a central part of the new normal extending beyond the lockdown period.
James Velasquez, PT&T president and chief executive, said he is optimistic for this year despite the pandemic.
“With our own experience operating during the pandemic, helping clients with their connectivity, digital adoption and transformation needs, we see how digitalization is now a necessity and that we are on the right track with our goal of becoming a leading digital services provider in the country,” Velasquez said.
Last year, PT&T showed solid growth with a 59 percent year-on-year revenue increase attributed to subscriber base growth of 38 percent and introduction of its IT/digital services portfolio.
With the business growth coupled with continued operational efficiencies, core EBITDA increased by 89 percent year-on-year, PT&T said.
It added that fixed broadband for enterprises increased by 44 percent compared to previous year, driven by a 192 percent increase in subscribers since 2017 due to the added capacity on its network, and extended fiber reach within high growth potential areas in National Capital Region and in Cavite, Laguna, Batangas, Rizal and Quezon.