PLDT Inc. on Thursday reported a 9 percent increase in net profit in the first quarter this year, boosted by its data and broadband businesses.
The company said its net income totaled P9.8 billion in the January to March period, up from P9.04 billion in the same period last year.
Telco core income, excluding the impact of asset sales and Maya Innovations Holdings, totaled P9.3 billion, up 8 percent from last year.
“We continue to squeeze growth out of an industry that seems bound by gravity. That said, our first quarter results are encouraging. We are determined to break past this gravitational hold,” Manuel V. Pangilinan, PLDT and Smart chairman and chief executive, said.
PLDT’s consolidated service revenue grew 3 percent to P48.7 billion.
Data and broadband, which grew by 5 percent to P40.5 billion, contributed 83 percent to consolidated service revenue.
PLDT’s individual wireless segment posted revenue of P21 billion, higher by 7 percent from P19.7 billion in the same period last year.
Mobile data revenue now accounting for 89 percent of total Individual wireless revenue grew by 11 percent to P18.8 billion resulting from improved data monetization. Data show blended average revenue per user or ARPU higher by 21 percent versus only a 10 percent rise in average usage.
PLDT Home’s fiber-only service revenue continued to grow, posting a 7-percent increase to P13.7 billion in the first quarter of 2024.
Fiber-only revenue accounted for 92 percent of total Home revenue of P15 billion.
Fiber subscribers as at end-March 2024 total 3.2 million. Fiber coverage expanded to 19,300 barangays, with fiber presence at 70 percent.
PLDT Enterprise, the B2B division of the PLDT Group, reported total revenue of P12.1 billion fueled by the strong momentum in corporate data and ICT.
Pangilinan said the company projects consolidated service revenue to grow in the mid-single digit range, driven by robust increases in data and broadband revenue streams of the various business segments and supported by top-line growth and tight cost management.
“Guidance for our telco core income is north of P35 billion,” Pangilinan said.
“While we recognize the realities of market saturation and higher capital expenditures as factors in slowing growth, we do not accept them as excuses for PLDT and Smart to stop delivering value to our stakeholders. Only an obsession with growth will get us to escape velocity,” he added.
PLDT has set capital expenditures of up to P78 billion this year in line with the push to reduce the headline number and lower its capex intensity.
PLDT said it already spent P15.7 billion of its capex budget this year.
