PLDT 2022 net income down 60%

MANILA –PLDT Inc. saw its net income plunge by 60 percent to P10.49 billion last year after incurring a P48-billion budget overrun, which the telecom giant attributed to “over orders” of 5G technology.

Total revenues, meanwhile, were up 6 percent to P205.25 billion for the period. Service revenues climbed by 4 percent to all-time high P190.1 billion last year.

“We are looking to increase our revenues by mid-single digit and capital expenditure will recalibrate to between P80 billion and 85 billion,” PLDT president and CEO Al Pangilinan said. Capex amounted to P96.8 billion last year.

“Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our co…

Keep on reading: PLDT 2022 net income down 60%