PLDT posts P11.7B net income in first half 2018, down 29%

PLDT Inc. reported on Thursday that its net income dropped nearly 30 percent in the first half of 2018 in the absence of one-off gains from the sale of assets last year.

The telco giant booked a net income of P11.7 billion in the first six months of the year, down 29 percent from P16.5 billion a year earlier, PLDT chief financial officer Annabelle Chua said.

This was “mainly due to a higher gain from asset sales in first half 2017,” she said.

In the first half of last year, PLDT sold majority stakes totaling P43.6 billion in Beacon Electric Asset Holdings Inc. and Manila Electric Co. to Metro Pacific Investments Corp.

PLDT said its revenue stood at P78.5 billion in January to June 2018, up 5 percent from P74.86 billion—driven by its Home business which grew by 14 percent to P18 billion.

Expenses increased by 7 percent to P67.4 billion from P62.7 billion due to “higher depreciation and amortization.” —VDS, GMA News