March 05, 2013

PLDT Eyes P38.3 Billion Profit this Year

PLDT is exptecting to come back from two consecutive year of net income decline this year. The company is alloting P29 billion for its capital expenditures this year or about 20% lower than their budget of P36.4 billion in 2012.

The company is hoping to make a core net income of P38.3 billion this year or P1 billion higer than last year's P37.3 billion.

PLDT reported a 4% decline in core net income to P37.33 billion last year from from P39.03 in 2011 due to the net effect of the losses on foreign exchange and derivatives transactions as well as higher depreciation charges and recognition of deferred tax assets.

“Capital expenditures are expected to be reduced from 2012 by P7.4 billion to P29 billion with the successful completion of our network transformation program,” said Manuel Pangilinan, chairman of PLDT.