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PLDT telco core net income up 5 pct at P8.6 billion in Q1

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ABS-CBN News

<p>MANILA - PLDT on Thursday said its telco core net income rose 5 percent in the first three months of the year to P8.6 billion.</p><p>The company disclosed to the stock exchange that this was mainly due to higher EBITDA and lower depreciation, even as financing costs increased. </p><p>Reported income meanwhile was at P9 billion in the first quarter.</p><p>“Because of soaring inflationary pressures, we must strive to attain cost-efficiency and operational excellence in order to provide leveled-up customer experiences while keeping our products and services affordable for our subscribers,” said Alfredo S. Panlilio, PLDT and Smart President and CEO.</p><p>PLDT said its fintech arm Maya also had 1.8 million bank customers as of end-March and P21 billion in deposits. </p><p>PLDT Chairman Manuel Pangilinan said the company’s capex overrun issues “have largely been resolved” and that the company now looks forward to growth. </p><p>Pangilinan said the first quarter results show the resilience of the<br/>company. He also reiterated PLDT’s ambition to reinvent itself by 2025.</p><p>“As we approach our 100th year, we forge ahead in pursuit of our greater dreams: Enabling every Filipino, bringing families and communities together, and being a Company that our countrymen can rely on. We look to the future with undiluted hope,” he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/17/23/several-pldt-execs-resign-retire-including-cfo">Several PLDT execs resign, retire, including CFO</a></li>	<li><a href="https://news.abs-cbn.com/business/04/06/23/pldt-smart-urge-customers-to-secure-smart-devices">PLDT, Smart urge customers to secure smart devices</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/_5V5HK7O7ro?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The company disclosed to the stock exchange that this was mainly due to higher EBITDA and lower depreciation, even as financing costs increased. 