PLDT 9-month net income slips 2% to P16B

PLDT Inc. booked a 2% decline in earnings in the first nine months of 2019 due to higher manpower expenses and lower gains from divestment of shares in Germany-based Rocket Internet.

In a press briefing in Makati City on Thursday, PLDT chief financial officer Annabelle Chua said the telco’s net income reached P16 billion, down 2% from P16.2 billion a year earlier.

“Net income was a shade lower due to combined effect of higher MRP (manpower rightsizing program) expense this year and lower gain from Rocket shares,” Chua said.

PLDT’s MRP soared to P2.4 billion from P400 million.

In April 2018, PLDT reduced its stake in Rocket Internet by around 6.8 million shares or 67.4% of its total shareholdings, and generated P10.5 billion from the transaction.

Chua noted that PLDT currently has 1.9 million shares in Rocket Internet valued at P2.5 billion.

Asked if PLDT would be divesting its remaining shares in Rocket Internet, she said “it will not happen this year,” but the telco might decide to dispose of its shares should an opportunity arise.

Service revenue rose by 5% to P119 billion from P113.6 billion.

Revenue from data and broadband segments contributed P76.7 billion, while consumer wireless business accounted for P52.6 billion.

“Our efforts are now focused on building on the momentum achieved thus far which means continuing to level up our game to better address the rapidly evolving needs of our individual and corporate customers,” PLDT chairman Manuel Pangilinan said. —VDS, GMA News