PLDT’s service earnings rise 3%

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PLDT Inc. said profit for the first nine months was flat at P27.9 billion compared to its bottomline last year of P27.62 billion, a 1percent uptick.

Service revenues picked up 3 percent to P149.8 billion from P145.44 billion last year driven by sustained growth in broadband, mobile and enterprise businesses.

“The company has done reasonably well against a tough inflationary environment, relatively high interest rates, and slowing economic growth. In this regard, we are guiding full-year core net income of P34 billion, compared with P33.3 billion in 2022,” said Manuel Pangilinan, PLDT chairman.

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For this year, Pangilinan said during the financial briefings that the company expected a low single-digit growth in both service revenue and EBITDA (earnings before interest tax depreciation and amortization) this year. While telco core income is expected to reach P34 billion by year-end.

The nine months EBITDA grew 4 percent to P78.4 billion, attributed to higher revenues and lower operating expenses. EBITDA margin was at 52 percent for the period.

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