PANGILINAN-LED telecommunications company PLDT Inc. reported a 2.4% increase in its attributable net income for the third quarter (Q3) to P9.66 billion, driven by higher revenues.
The company’s combined revenues for the period grew by nearly 2% to P53.36 billion from last year’s P52.32 billion, its financial statement showed.
Broken down, third-quarter service revenues rose by 2.1% to P51.55 billion, while non-service revenues increased by 0.5% to P1.81 billion.
Third-quarter expenses declined by 2.3% to P13.74 billion from P14.07 billion a year ago.
For the nine months ending in September, the telecommunications company saw its attributable net income increase by 0.68% to P28.07 billion.
PLDT’s telco core income, which excludes the impact of asset sales and losses from Maya Innovations Holdings, reached P26.6 billion, up 2%.
The company’s combined revenues for the period grew by 2.9% to P160.94 billion from P156.36 billion in the previous year.
Service revenues accounted for P155 billion of PLDT’s total revenues for the first nine months, marking a 3.5% increase compared to last year.
This growth was primarily driven by the individual wireless segment, which generated P62.1 billion in revenue. This was followed by the home business segment with P41.7 billion, and the enterprise segment with P36.1 billion.
To date, active data users stand at 41.2 million, with mobile data traffic increasing by 10% year on year to 3,989 petabytes.
PLDT and Smart Chairman and Chief Executive Officer Manuel V. Pangilinan said the company is on track to achieve its core income target of P35 billion.
“Today, telco is not merely a technology, it’s a lifeline. Our customers expect connectivity that is instantaneous, seamless, reliable and extensive, and products and services that work every time and everywhere,” Mr. Pangilinan said.
“We must continue to intensify our focus on delivering exceptional customer service, as we strive to transform our networks into platforms for innovation, enabling new industries, new products, new services and new ways of life,” he added.
Cholo Ramirez, research assistant at AP Securities, Inc., said that PLDT’s earning figures are “actually slightly ahead of expectations, so this puts them on track to meet, or possibly beat their full-year target.”
“If PLDT maintains or accelerates its current income growth rate in the final quarter, it is well-positioned to hit or possibly exceed its P35-billion target, barring any major financial or operational disruptions,” said Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc.
KAYANA, BAYAD CENTERIn a disclosure on Tuesday, PLDT said its data arm Kayana Solutions, Inc., formerly known as DigiCo, has acquired an additional 57% equity interest in CIS Bayad Center, Inc. (Bayad) for P2.88 billion worth 319,800 shares.
The proposed transaction will increase the total interest of Kayana in Bayad to 67%. Currently, Bayad is 10%-owned by Kayana, 85%-owned by Corporate Information Solutions, Inc. (CIS), and 5%-owned by Densan Systems Co. Ltd.
CIS, a wholly owned subsidiary of power utility giant Manila Electric Co. (Meralco), owns a 95% share in Bayad.
“The proposed transaction will enable Kayana to leverage its expertise and resources to support Bayad’s growth trajectory while exploring and unlocking synergies in the companies led by Manuel V. Pangilinan such as PLDT, Meralco, and Metro Pacific Investments Corporation (MPIC),” the company said.
Kayana is 45% owned by PLDT, 27.5% owned by Meralco, and 27.5% by MPIC.
Meanwhile, Mr. Pangilinan said that PLDT is in talks with European fund manager CVC Capital Partners for the minority sale of its data center business.
“We have been approached by others for the meantime, but we have not engaged in any discussion with them because there’s still the exclusivity [clause] with CVC,” he told reporters after the briefing.
Mr. Pangilinan said, however, that its exclusivity deal was set to expire “soon” and may entertain other interested investors.
Earlier, PLDT was in talks to sell up to 49% of its data center business to Japan’s Nippon Telegraph and Telephone, but dropped its plan as the latter wants a majority of ePLDT’s stake.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera