Broadband services provider Philippine Telegraph and Telephone Corp. (PT&T) announced growth in its revenue amid the COVID-19 pandemic.
The company said in a stock exchange filing that revenue last year rose 8 percent on the back of a 15-percent increase in subscribers and contributions from IT and its other digital services.The company did not release its full-year report but said the audited financial statement had been approved by the board of directors.
With costs further tempered while revenue rose, PT&T said core earnings before interest, taxes, depreciation, and amortization jumped 75 percent.
PT&T offers fiber internet and IT solutions to enterprise clients, and holds a 25-year franchise, which allows the company to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication in the country.Like other internet service providers, the company saw a boost in business as the health crisis and subsequent lockdowns pushed up demand for online connectivity.
The company’s plans to exit corporate rehabilitation, meanwhile, suffered a setback.
Its board authorized management on March 19 to hold initial talks with the Securities and Exchange Commission to reverse the earlier-approved capital increase.
This was meant to allow the conversion of debts into equity under its rehabilitation plan. PT&T said this was prompted by the “documentary requirements imposed by the SEC in converting the debts to equity.”
This proposal of PT&T will not affect the provisions of its rehabilitation plan, the company explained. Without providing details, PT&T said the plan would instead be implemented in tranches. INQ