Telco giant PLDT Inc. sustained its growth momentum with its net income rising by 45 percent to P27.4 billion in the first nine months of the year on robust revenues.
Its third quarter profit jumped to P10.64 billion from P5.92 billion a year ago.
Telco core income, excluding the impact of asset sales and Voyager Innovations, climbed 10 percent to P25.4 billion.
“Our third quarter performance has shown that the business continues to do well amidst external challenges — first COVID-19, then inflation and high interest rates, not to mention the ever-present typhoons and the indication so far is that the full year performance will be ahead of last year especially as the fourth quarter is typically a good one. We must focus and execute well,” said Alfredo Panlilio, president of PLDT and Smart said.
“Ultimately, PLDT’s main advantage is having three revenue engines with strong competitive and complementary positions. This has made the PLDT Group resilient in challenging times,” he added.
Group revenues rose six percent to P152.93 billion.
The enterprise business reported a nine percent hike in revenues to P35.2 billion while PLDT Home reported a 21 percent jump in revenues to P42.7 billion.
PLDT’s Individual wireless segment, however, saw revenues decline to P61.7 billion.
“Enterprise seems to be our bright spot as we continue to empower businesses in their digital transformation and help promote the Philippines to be the next major ASEAN digital hub,” Panlilio said.
“Meanwhile, PLDT Home continues to grow despite increasing challenges to people’s wallets due to continuing high inflation and the prolonged impact of Typhoon Odette,” he added.