MANILA, Philippines -- The Philippine Long Distance Telephone Co. (PLDT) said Tuesday core net profit in the first nine months rose 11 percent year-on-year but warned recent storms may dampen prospects in the last quarter.

Consolidated core net profit from January to September hit 31 billion pesos (650.8 million dollars), overcoming adverse effects of the global financial crisis and the swine flu outbreak, PLDT said in a statement.

However, chairman Manuel Pangilinan warned the fourth quarter "may be somewhat dampened" because of the storms that ravaged the country from late-September, killing over 1,000 and causing millions of dollars in damage.

"We may see consumers adjusting their budgets and rethinking their spending priorities. As a result, we are taking a cautious stance," he said.

He added that the country's dominant telecoms firm was reducing its revenue projections for 2009 by one percent to 148 billion pesos but that its net profit target would remain at 41 billion pesos.

Core net profit takes out the net effects of one-off items such as foreign exchange and derivative transactions and depreciation charges.

Revenues from PLDT's cellular phone services were three percent higher at 71.2 billion pesos in the first nine months, with 39.1 million subscribers, a 15 percent rise over the same period last year.

Revenues from fixed line services rose four percent to 38.2 billion pesos in the first nine months, the statement added.