PLDT core profit hits PHP 23.1 billion despite COVID-19 pandemic

PLDT Inc. saw its telco core income in the first nine months of 2021 grow by 10 percent to PHP 23.1 billion despite the economic challenges brought by the pandemic. 

PLDT maintains solid financial performance

PLDT posts strong 9-month performance

In a regulatory filing to the Philippine Stock Exchange, the Pangilinan-led telco said it remains "on track" to hit its 2021 target of PHP 30 billion.

PLDT attributed its higher core profit to lower tax rates. The Comprehensive Recovery and Tax Incentives for Enterprises (CREATE) Act, which took effect early this year, slashed the corporate income tax from 30 percent to 25 percent.

The group's consolidated service revenues also increased by 7 percent to PHP 135.9 billion.

As a true customer-centric and leading-edge technology company, our vision is to empower all Filipinos in building a stronger nation - securing a sustainable future for everyone by providing world-class connectivity. We will be relentless towards this vision, which inspires us to deliver more and better, said Alfredo S Panlilio, president and chief executive officer of PLDT and Smart.

PLDT noted that its fiber-to-the-home business posted a record-breaking growth in the third quarter, booking PHP 9 billion in service revenues.

Total home business revenues leaped by 25 percent to PHP 35.3 billion in the January-September period.

Its wireless business, meanwhile, generated PHP 65.1 billion in revenues despite challenging market conditions amid the pandemic.

Mobile data revenues jumped by 9 percent to PHP 52.6 billion year-on-year, following the launch of its competitive promos.

Total data traffic in the first nine months increased by 16 percent to 2,458 petabytes, the telco added.