PLDT posted gains in Q1, as wireless business recovered

Telco giant PLDT Inc. saw gains in the first quarter of 2018, bolstered by key segments including its wireless business, which posted growth for the first time in at least two years.

PLDT yesterday announced that core earnings from January to March this year increased 13 percent to P6 billion from the level in the same period in 2017. Reported net income hit P6.9 billion, up 39 percent.

PLDT, which recently shifted to new accounting standards, noted that service revenue during the period rose 1 percent to P35.87 billion.

Of note was the recovery of its wireless individual business, where revenue grew 2 percent to P14.8 billion, reversing an 18- percent decline last year.

PLDT said increasing data usage boosted the mobile segment. Its home and enterprise segments continued to grow, accounting for 49 percent of total revenue.

PLDT chair and CEO Manuel V. Pangilinan described the results as a “good start” to the year, although he noted their performance could be better.

“I’ve always felt it is our overarching goal to restore PLDT in the position as the most profitable company in the Philippines and we will not stop until we get there,” he said on Thursday.