PLDT bounces back with Q2 profit up 4%
Telco giant PLDT Inc. recovered from a disappointing first quarter as it returned to profit growth in April to June on increased mobile data consumption.
PLDT managed to grow its earnings by 4% to P12.2 billion as revenue hit a five-year high of P76.7 billion, marking its fourth consecutive semester of growth.
Data and broadband accounted for P49.6 billion or two-thirds of the total revenues, up 19% as mobile usage more than doubled during the period owing to the popularity of online gaming, streaming and on-demand video content.
The consumer wireless segment pumped in P34.4 billion in revenues.
Smart, TNT and Sun added 8.7 million new subscribers to its network, boosting the total to over 66.8 million as of the end of June.
Home broadband grew revenues by 2% to P18.3 billion.
“The first half of this year has clearly shown that the key to improving the business performance of PLDT Home moving forward is to provide a progressively better customer experience and upgrade our service delivery. Which is why, for our fiber broadband service, we are focused on delivering better installation and repair services, and, enriched service offers such as faster data packages and whole home WiFi coverage,” said newly-appoined Smart president Alfredo Panlilio.
Given the good second quarter results, PLDT chairman and president Manuel V. Pangilinan is confident the telco will sustain its growth momentum and achieve its full-year core income target of P26.4 billion.