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PLDT's earnings rise on foreign exchange gains


(UPDATED 1:03 PM) MANILA, Philippines - Telecommunications giant Philippine Long Distance Telephone Co. on Tuesday reported that its net income for the first six months of the year rose double-digits on foreign exchange gains and an improvement in service revenues. PLDT, which is partly owned by Hong Kong’s First Pacific Co Ltd and Japan’s NTT Group, said its net income jumped 13 percent to P19.3 billion from P17.1 billion. Meanwhile, recurring income, which mainly comes from telecommunication revenues, climbed 9 percent to P18.7 billion. Subscribers of Smart Communications, PLDT's subsidiary, reached 33.2 million as of end June. Wireless service revenues increased 7 percent to P45.8 billion, while fixed revenues were up 4 percent to P24.6 billion. Service revenues of ePLDT, PLDT’s information and communications technology arm, s grew 3 percent to P5 billion. Company officials earlier revealed that PLDT is expecting its net income this year to jump 5 percent to P37 billion on the strength of its broadband business. In 2007, its bottomline improved by 2 percent to P36 billion. PLDT chairman Manuel Pangilinan said the estimate was “conservative" as the company braces itself for the anticipated US economic slump. “We’re being conservative because of the geopolitical risks. One there’s the concern about the US economy slowing down and also the political concerns here (in the domestic front)," Pangilinan had said. The PLDT chairman also earlier said PLDT planned to acquire more telecom-related businesses this year. He said the company has about P5 billion for planned acquisitions.
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