PLDT Inc., the country’s largest fully integrated telecommunications company, announced Thursday that net income in the first half rose 10 percent year-on-year to P18.5 billion on steady revenue gains and a significant reduction in its share in the losses of Voyager.
PLDT said its share in losses from Voyager was lower in the first half at P1.2 billion compared with P1.6 billion in the same period last year.
Service revenue increased by 1 percent or P900 million to ₱94.5 billion in the first half of 2023, led by growth in Home and Enterprise and improving trends in the Individual Mobile business. Data and broadband, which grew by 4 percent to ₱77.5 billion, contributed 82 percent of consolidated service revenues.
“Our vision at PLDT and Smart is anchored on customer-centricity – one that prioritizes customer experience and always aims for constant improvement. We strive to operate efficiently as we commit to power Filipinos’ increasingly digital lifestyles,” said Alfredo Panlilio, PLDT and Smart president and chief executive officer.
PLDT has further expanded its fiber footprint to over 1.1 million kilometers, consisting of over 231,000 kilometers of international fiber and over 885,000 kilometers of domestic fiber as of end-June. Homes passed reached around 17.2 million homes in 43 percent of the country’s barangays.
Capex for the first six months amounted to ₱40.8 billion, lower by 11 percent from last year. Capex intensity also declined to 41 percent from 48 percent in the same period last year. This is in line with our goal to reduce capex spend in the near- to medium-term and to attain positive free cash flow.
PLDT chairman Manuel V. Pangilinan believes that innovation and continuous improvements are key to staying on top in an industry that is extremely challenged growth-wise.
“The maxim “if it ain’t broke, don’t fix it” may seem like sound advice, but following it blindly is likely to have the opposite desired effect. In his book ‘Legacy,’ James Kerr writes that it is precisely when we are on top of our game that we need to change—be it exiting partnerships, letting people go, changing tactics, or recalibrating strategies. The key is in timing these leaps. I believe we are on the cusp of such a leap. A mindset of continuous improvement is one thing we at PLDT need to not only espouse but practice in everything we do. This will be our path to continued and greater success,” Pangilinan said.
“The prospects for growth of our business have been a critical issue which has hounded us in these recent years. The player with the Big Idea will likely prevail. Which brings to mind what Wayne Gretzky once said: “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be,” he added.
