PLDT 2022 net income down 60% | Inquirer Business
'No fraud involved in P48-B budget overrun'

PLDT 2022 net income down 60%

MANILA –PLDT Inc. saw its net income plunge by 60 percent to P10.49 billion last year after incurring a P48-billion budget overrun, which the telecom giant attributed to “over orders” of 5G technology.

Total revenues, meanwhile, were up 6 percent to P205.25 billion for the period. Service revenues climbed by 4 percent to all-time high P190.1 billion last year.

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“We are looking to increase our revenues by mid-single digit and capital expenditure will recalibrate to between P80 billion and 85 billion,” PLDT president and CEO Al Panlilio said. Capital expenditure amounted to P96.8 billion last year.

“Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our core business is strong and our people endured, inspired by our singular mission of safeguarding and enhancing shareholder value,” PLDT chair Manuel V. Pangilinan added.

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In the meantime, the telco maintains that no fraud or bad faith was involved in its P48-billion budget overrun that dragged its 2022 bottom-line figures.

PLDT uncovers P48-B ‘budget overrun’, revamps management

“The review, which was conducted by external counsel with the assistance of accounting and audit consultants, focused on the period 2019-2022 and identified no evidence of fraud, intentional concealment, or bad faith conduct on the part of any employee of the company and no basis to restate the company’s historical financial statements,” the telco giant said in a statement on Thursday.

In December last year, the Pangilinan-led company revealed it had incurred billions-worth of budget overrun due to “over orders” of 5G technology.

READ:

PLDT to weather recent troubles, says credit watcher

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TAGS: Earnings, outlook, PLDT, spending
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