PLDT Inc. increased its net income to P26.61 billion last year, a significant breakthrough following a setback in 2022 when revenue decreased by 60% to P10.49 billion in terms of accelerated depreciation due to overspending.
During its Full Year Earnings Briefing on March 7, PLDT chief financial officer Danny Yu said the company achieved the turnaround by registering better revenues and a significant decline in their expenses.
Also, the progress report showed that PLDT increased its gross service revenues by 3% in 2023 to P6.5 billion or P201.8 billion in total.
Consolidated service revenues (net of interconnect expenses) increased by P2.2 billion, or 1%, to P191.4 billion, a new high for the company. Excluding sales from legacy operations, its data-related net services revenues increased by 6% annually.
Yu also reported that the company’s capital expenditure (capex) projection for this year is between P75 billion and P78 billion, down from P85.1 billion in 2023 and P96.8 billion in 2022.
PLDT Inc. CEO stressed that the company not only aims for higher profits but also returns them to their premier positions.
“This requires a commitment to excellence all around, including the quality of our network, the efficiency of our installations and repairs, the innovations we pursue, and the speed of our services,” Pangilinan said.
Pangilinan shared they planned to sell a portion of the company’s data center assets to raise additional funds, and they were currently in talks with a possible foreign buyer.
