Core net income for PLDT Telco was P9.3-B in Q1, up 8%
In comparison to the same period last year, PLDT said that its telco core net income increased by 8%, or P700 million, to P9.3 billion in the first quarter of this year.
In comparison to the same period last year, PLDT said that its telco core net income increased by 8%, or P700 million, to P9.3 billion in the first quarter of this year.
According to the corporation, this was mostly caused by greater EBITDA, which was somewhat offset by higher finance expenses and tax provisions.
Meanwhile, reported income increased by 9% annually to P9.8 billion.
PLDT reported that its consolidated service revenues increased by 3% to P48.7 billion, while its gross service revenues increased by 5% to P52.2 billion.
The business anticipates mid-single-digit growth in both EBITDA and consolidated service revenues, according to Manuel Pangilinan, Chairman and CEO of PLDT and Smart.
"We expect our Telco Core Income to surpass P35 billion," stated Pangilinan.
As of the end of March 2024, PLDT reported that its fintech subsidiary Maya had grown its deposit balances to P29 billion, up 40% from the previous year and increasing its depositor base by 95% to 3.4 million.
It stated that Maya made up 51% of the digital banking sector's depositor base as of December 2023.
As of the end of March 2024, PLDT said that it had issued P34 billion in loans to over a million borrowers since its start.
Businesses can now open digital business deposit accounts with Maya, and the company also offers uncollateralized working capital loans up to P2 million. Maya is now providing banking services to businesses.
According to Pangilinan, "We do not accept them as justifications for PLDT and Smart to cease providing value to our stakeholders." Despite acknowledging that market saturation and greater capital expenditures are contributing factors to the growth slowdown.
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