PLDT posts P9.03-B Q1 income, down 8% amid higher expenses

By Ashley Erika O. Jose, Reporter

LISTED PLDT Inc.’s attributable net income fell by 8.04% to P9.03 billion for the first quarter (Q1), as higher expenses outpaced modest revenue growth.

Total revenues rose by 1.95% to P55.28 billion for the January-to-March period from P54.22 billion a year earlier.

Service revenues increased by 2.34% to P53.42 billion from P52.2 billion, accounting for the bulk of the topline. Non-service revenues dropped by 8.38% to P1.86 billion from P2.03 billion.

Service revenue growth was mainly supported by steady gains in fiber, enterprise, and information and communications technology (ICT) offerings, PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said during a briefing on Thursday.

Enterprise revenues reached P11.9 billion, driven by sustained demand for connectivity and digital solutions across sectors. Corporate data and ICT revenues grew by 1% to P8.8 billion.

Telco core income — which excludes the impact of asset sales and losses from Maya Innovations Holdings — fell by 5.79% to P8.78 billion from P9.32 billion a year earlier.

“We’re navigating a softer market environment, but our fundamentals are intact. Broadband and fiber continue to anchor the business, while digital finance is emerging as a strong new driver. We remain focused on recovery and growth across all segments,” said PLDT Chairman and Chief Executive Officer Manuel V. Pangilinan.

Operating expenses climbed by 5% to P40.55 billion from P38.62 billion in the same period last year.

MAYA TURNS PROFITABLE
PLDT’s digital finance unit, Maya, posted a net income of P127 million for the first quarter, driven by strong lending, deposits, and payments volume.

Loan disbursements reached P120 billion, while deposit balances stood at P44 billion for the period.

“We operate several businesses, several platforms. So, all these platforms across the board will continue to grow in multiples this year,” Maya Chief Executive Officer Orlando B. Vea said.

Mr. Vea said the company is optimistic about Maya’s growth as it seeks to serve the country’s unbanked and underserved market.

“We are just probably in the initial stages of growth. So, we see a lot of upsides in the coming months,” he said.

Mr. Pangilinan said PLDT expects Maya to deliver about P1 billion in profit this year.

“Well, just a simple extrapolation, if it goes to P300 million per quarter, I think we can make it,” Mr. Pangilinan said, adding that Maya is among the company’s “most promising” units.

DATA CENTER
PLDT’s data center unit, VITRO Inc., posted a 37% increase in colocation revenues, driven by sustained demand from hyperscalers and artificial intelligence workloads.

“There are actual locators there (at VITRO Sta. Rosa) already. We still have quite a bit of space to fill up. So, until we are able to prove that we succeed, I think it might be a little early to try to sign down at this stage,” Mr. Pangilinan said.

In April, PLDT inaugurated VITRO Sta. Rosa, its 11^th data center. The facility, located on a five-hectare site in Sta. Rosa, Laguna, is said to be the country’s largest data center campus, with a capacity of up to 50 megawatts (MW). Across all sites, VITRO data centers have a combined capacity of nearly 100 MW.

PLDT previously announced plans to finalize the sale of its data center business, ePLDT Inc., to a foreign entity for over $1 billion after talks with Japan’s Nippon Telegraph and Telephone Corp. (NTT) failed to progress.

However, Mr. Pangilinan said the company has shelved the sale as it intends to continue expanding its data center assets.

“We have stopped the process. Because it’s probably too early,” Mr. Pangilinan said.

At the local bourse on Thursday, PLDT shares declined by P8, or 0.63%, to close at P1,264 apiece.

Hastings Holdings Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings Inc., holds a majority stake in ����ý through the Philippine Star Group.