PLDT profit down 8% in Q1 as growth in expenses outpaces revenues

Manuel Pangilinan

MANILA, Philippines — Telecom giant PLDT Inc. saw its net income drop by 8 percent to P9.03 billion in the first quarter on higher expenses.

In a disclosure on Thursday, the telco giant reported that total revenues had risen by 2 percent to P55.28 billion for the period.

Total expenses, however, increased by 5 percent to P40.55 billion.

As of end-March, PLDT had home subscribers of 3.47 million.

READ: PLDT’s broadband revenues rev up by 9%

Mobile subscribers stood at 58.61 million.

“We’re navigating a softer market environment but our fundamentals are intact,” PLDT chair and CEO Manuel Pangilinan said.

READ: PLDT trims capex but keeps infra build on high gear