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PLDT reports 2019 first half results

Financial results News - Published on Mon, 12 Aug 2019

Image Source: Company Information
PLDT Inc announced its unaudited financial and operating results for the first half of 2019 with Consolidated Service Revenues (net of interconnection costs) increasing 6% year on year to PHP 76.7 billion, the highest half-year revenue level posted since the second semester of 2014. Service revenues in the second quarter of 2019 rose 7% YoY and 2% QoQ to PHP 38.7 billion.

Revenue growth was led by the Consumer Wireless Business, which together with the Home and Enterprise Businesses, raised revenues by 11% to PHP 72.1 billion, accounting for 94% of consolidated service revenues.

Data, Broadband and ICT service revenues grew 19% on like-for-like basis to PHP 49.6 billion and now accounts for 69% of total service revenues from the Consumer and Enterprise businesses.

Consolidated EBITDA increased 15% versus 1H 2018 to PHP 40 billion, due to the combined impact of higher service revenues and lower cash opex. This figure takes into account the impact of PFRS16, the new accounting standard for leases which took effect on 1 January 2019. EBITDA Margin improved, reaching 50% versus last year’s 46%.

Telco Core Income was stableYoY at PHP 13.2 billion, excluding equity in losses from Voyager, accelerated depreciation and gains from the sale of Rocket Internet shares. Reported Net Income grew 4% YoY at PHP 12.2 billion which includes the gain in the valuation of Rocket Internet shares.

Consolidated Net Debt stood at USD 2,754 million whilst Net debt-to-EBITDA was at 2.0x. Gross Debt was at USD 3,381 million, of which 11% is US dollar-denominated. Only 7% of total debt is unhedged. Fixed-rate loans (post-interest rate swaps) accounted for 89% while 11% are floating-rate loans.

Mr Manuel V. Pangilinan, Chairman and CEO of PLDT said that “We have sustained our revenue growth, led by our Consumer Wireless business, by significantly improving customer experience through superior network services and targeted service offers. Moving forward, we shall bolster this momentum by further enhancing customer experience across our various businesses through strategic organizational adjustments and the ongoing overhaul of our IT systems and customer service processes. In this connection, I am pleased to announce the appointment of Alfredo S. Panlilio as President of Smart Communications effective 8th August 2019. On concurrent basis, he is Executive Vice President and Chief Revenue Officer of PLDT.”

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Posted By : TelecomGuru on Mon, 12 Aug 2019
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