Saturday, July 10, 2010

PLDT posts higher profit in H1

MANILA, Philippines - Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) booked higher earnings during the first 6 months of 2010 compared to the year-ago level, its chairman Manual Pangilinan said.

"For our bottom line in the first half, we are ahead of last year," Pangilinan told reporters at the sideline of the turnover ceremony of Meralco's donation to the University of the Philippines.

Pangilinan noted that revenues from cellular voice, broadband and fixed line services were all "up" but revenues from text messaging were weak. "It was the usual profile shown in the first quarter," he said.

Growth in wireless subscribers, meanwhile, was the same as the first quarter.

Pangilinan said they were maintaining revenue targets for the year. He also said that income in 2010 would likely exceed last year's.

PLDT, which is owned by Hong Kong's First Pacific Co. Ltd. and Japan's NTT Communications, earlier set a 2010 core net profit guidance of a little over P41 billion, the same as 2009, as it expects competition to temper earnings.

PLDT plans to invest P28.6 billion in capital expenditures to further expand and improve its infrastructure this year.

For the first quarter, the company's net profit went up 19% to P11.4 billion, driven by higher contributions from its broadband and Internet services, and foreign exchange and derivatives gains.

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