Lower revenues and a continued modernization effort saw Pangilinan led-PLDT, Inc.’s 2017 net income plunge by 33 percent to P13.4 billion. The wireless business, which covers mobile and home broadband, accounted for the bulk of revenues at P93.83 billion, down 11 percent from 2016. Expenses, meanwhile, rose 7 percent to P150.41 billion due to investments in the wireless business. This spending level will be sustained to 2020, which will bring total capex since 2016 to nearly P260 billion, PLDT said. “We would like to indicate that we’re serious [about securing]the rapid [growth]of both our fixed and wireless business.” Pangilinan said.

Source: Manila Times March 08, 2018 16:18 UTC