Pangilinan-led PLDT Inc. saw its telco bottom line grow in the first nine months of 2021 partly due to lower income tax rates.
In a disclosure to the Philippine Stock Exchange on Thursday, PLDT reported that its core telco income in the January to September period amounted to P23.1 billion, up 10% year-on-year.
With the nine-month core earning, the telco said it remains on track to reach the full-year target of P30 billion.
The higher year-on-year core income was “helped by lower tax rates,” according to PLDT.
The Comprehensive Recovery and Tax Incentives for Enterprises (CREATE) Act, which took effect early this year, reduced the corporate income tax from 30% to 25%.
PLDT also reported a consolidated service revenues of P135.9 billion, up 7% from a year earlier “driven driven by record-high service revenues of P46.0 billion in the third quarter.”
“As a true customer-centric and leading-edge technology company, our vision is to empower all Filipinos in building a stronger nation – securing a sustainable future for everyone by providing world-class connectivity. We will be relentless towards this vision, which inspires us to deliver more and better,” said Alfredo Panlilio, president and CEO of PLDT and Smart.
In particular, PLDT’s fiber-to-the-home business delivered a record-breaking growth for the third quarter as service revenues hit P9 billion, up 83% or by P4.1 billion from the same period in 2020 for its fiber business.
Total Home revenue grew 25% or by P7 billion to P35.3 billion in the first nine months of the year, boosted by the record revenue increase in the third quarter, up 29% or P2.8 billion to P12.6 billion.
Total fiber capacity of PLDT Home now stands at 5.29 million ports. This was after the completion of 1.23 million fiber ports in 2021. Total target port build-out for the year remains at 1.7 million.
Individual Wireless revenue grew 3%, or P2 billion, to P65.1 billion in the first nine months, despite challenging market conditions due to limited mobility, economic difficulties and competition.
PLDT said data/broadband contributed 80% of the segment’s revenues, with mobile data users reaching 40 million and with Smart 5G growing its revenue contribution as Smart continues to expand its 5G network rollout.
Smart 5G subscribers posted a triple-digit year-on-year growth, while data traffic on Smart’s 5G network more than doubled in the third quarter, up 116% from the second quarter of 2021.
In the third quarter alone, average data traffic per month increased by nearly 20 times versus the fourth quarter of 2020, it said.
Mobile data revenues in the first nine months grew by 9% or P4.4 billion year-on-year, from P48.1 billion to P52.6 billion, as third quarter promos drove an increase in usage.
Total data traffic in the first nine months grew 16% year-on-year to 2,458 petabytes, PLDT said.
In the third quarter, monthly average data usage per subscriber was 7.7 GB, up 8% versus the second quarter, it said.
As limited mobility confined customers to their homes, revenues from Smart’s fixed wireless solutions grew 88%, or P1.2 billion, to P2.5 billion. Fixed wireless subscribers breached the one million mark, increasing 24% versus end-2020.
“The digital transformation of our country is at the top of the PLDT Group’s agenda… and establishing the digital bank is a huge step forward for Voyager and PayMaya. Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services,” PLDT Group chairman Manuel Pangilinan said.
Mobile wallet PayMay’s usage surged during the COVID-19 pandemic, reaching over 41 million registered users across its consumer platforms at the end of September.
The mobile wallet’s digital bank, Maya Bank, was granted a digital banking license by the Bangko Sentral ng Pilipinas in September.
“We have integrated financial services into our digital ecosystem by maximizing the synergies among PLDT, Smart, and PayMaya. And that is just the beginning. We will eventually expand this to include other customers, including those we provide with home broadband,” Panlilio said.
As quarantine restrictions further ease, Pangilinan underscored PLDT’s commitment to sustaining its radical leadership amid rapidly shifting patterns of business, underpinned by world-class customer experience and enablement of enterprises’ digitalization.
“In many ways, we have to adopt revolutionary aspects of leadership, adapting to abrupt changes where really needed, while maintaining the values that are important to the company,” Pangilinan said. — VBL, GMA News
PLDT core income in Jan-Sept rises 10% to P23.1 billion
Source: News Panda Philippines
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