Telco giant PLDT is confident it will achieve its targets for 2022 even as it expects to navigate stronger headwinds in the second half of the year.
PLDT delivered another strong financial performance from January to June with reported income rising 30 percent to ₱16.74 billion from P12.92 billion in the same period a year ago.
Telco core income, which excludes the impact of asset sales and Voyager Innovations, went up by 12 percent to ₱17 billion.
PLDT’s service revenues, net of interconnection costs, rose to an all-time high of ₱94.3 billion, driven by sustained quarter-on-quarter growth in data and broadband.
Service revenues from the Home segment jumped by nearly a quarter to ₱28.1
billion as home broadband use remained robust with customers sustaining the hybrid model of work and study from home set-ups.
The segment added more than 401,000 net fiber subscribers during the first half, bringing total fixed broadband subscribers to 3.2 million.
PLDT Enterprise’s service revenues grew nine percent to ₱23.2 billion on the back of the return of business activities with the gradual reopening of the economy.
Individual wireless revenues, meanwhile, reached ₱41.2 billion following a reversal of downward trend with modest recovery in the second quarter.
Given the robust first semester results, PLDT and Smart Communications president and CEO Alfredo Panlilio said the telco giant is on track to meet its 2022 targets.
“Home broadband will lead this growth, with Enterprise also expected to register stronger performance, underpinned by ICT. And although Wireless faces tough market conditions, it should benefit from the continued opening up of the economy,” Panlilio said.
For his part, PLDT chairman Manuel V. Pangilinan said he expects the company to outperform against a very challenging environment.
“We expect stronger headwinds in the second half, with higher inflation impacting our customers’ pockets as well as our own operating costs. With so much pressure on growth, it is imperative that we stay focused on our strategic initiatives and managing costs,” he said.
Pangilinan said PLDT is maintaining its telco core income guidance for the year at ₱33 billion, “albeit some upside may be possible as portions of proceeds from the towers sale are used to pay down debts in the second half.”