THE Philippines’ most valuable telecommunications company, PLDT Inc., said on Tuesday its consolidated core net income dropped 21 percent in 2016 on lower revenues and as the cost of shifting its business to digital services pile up. In a briefing in Makati City, PLDT Chief Financial Officer Annabelle Chua said consolidated core net income fell to P27.9 billion in 2016 from P35.2 billion in 2015, while consolidated service revenues fell 3 percent to P147.6 billion. Net income reached P20.01 billion in 2016, down from P22.07 billion in 2015, while revenue also fell to P165.26 billion pesos from P171.1 billion previously. Consolidated core EBITDA (earnings before interest, tax, depreciation and amortization), declined by 6 percent to P65.8 billion on lower wireless service revenues and higher provisions. PLDT Chairman Manuel V. Pangilinan said he expects PLDT to recover in profitability this year, for the first time in three years, targeting a six-percent growth in recurring core net income to P21.5 billion.

Source: Manila Times March 07, 2017 17:37 UTC