Metro Manila (CNN Philippines, May 5) — Dominant telco player PLDT Inc. has increased its funding for this year’s network buildup, amounting to ₱85 billion from the initial ₱76-80 billion.
The group told the local bourse that hiking its capital expenditures (capex) is intended to bolster its home broadband and data center businesses, as well as the upgrades of its towers and passive infrastructure assets.
In the same disclosure, the telco reported that its core income grew 9% to ₱8.2 billion in the first quarter from a year ago.
Reported net income, meanwhile, also emerged stronger at ₱9.1 billion.
Data and broadband continued to propel PLDT’s consolidated service revenues, which booked a record-high of ₱46.4 billion in the first three months.
Total home service revenues climbed 25% to ₱13.6 billion, while PLDT’s enterprise segment recorded an all-time high of ₱11.6 billion.
The group’s individual wireless revenues, on the other hand, reached ₱20.4 billion as mobile data traffic increased by 30% in the period, with more than 41.6 million active data users.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) also grew 10% to ₱25.5 billion.
“I am encouraged with our strong start for 2022 as we once again posted a record high in revenues, improved EBITDA and increased Telco Core. That said, we must stay the course in order to generate greater free cash flow from higher revenues, cost optimization and the sale of our Towers the last of which could enhance income this year and in succeeding years,” PLDT Chairman Manuel V. Pangilinan said.
PLDT earlier said it expects to complete the telco tower sale transaction within the year.
READ: PLDT selling nearly 6,000 towers to foreign investors for ₱77B
