PLDT posts P9.03-B Q1 income, down 8% amid higher expenses

LISTED PLDT Inc.'s attributable net income fell by 8.04% to P9.03 billion for the first quarter (Q1), as higher expenses outpaced modest revenue growth.

- By Ashley Erika O. Jose

Total revenues rose by 1.95% to P55.28 billion for the January-to-March period from P54.22 billion a year earlier.

Service revenues increased by 2.34% to P53.42 billion from P52.2 billion, accounting for the bulk of the topline. Non-service revenues dropped by 8.38% to P1.86 billion from P2.03 billion.

Service revenue growth was mainly supported by steady gains in fiber, enterprise, and information and communications technology (ICT) offerings, PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said during a briefing on Thursday.

Enterprise revenues reached P11.9 billion, driven by sustained demand for connectivity and digital solutions across sectors. Corporate data and ICT revenues grew by 1% to P8.8 billion.

Telco core income — which excludes the impact of asset sales and losses from Maya Innovations Holdings — fell by 5.79% to P8.78 billion from P9.32 billion a year earlier.