PLDT's net income at P9.8B, up 9%

PLDT reported that its service revenues grew by five percent or P2.5 billion to P52.2 billion, while consolidated service revenues (net of interconnect costs) grew by three percent or P1.6 billion to P48.7 billion in the first quarter of 2024.

Data and broadband, which grew by five percent or P2 billion to P40.5 billion, contributed 83 percent to consolidated service revenues.

Excluding the drag from legacy revenues, consolidated service revenues were higher by eight percent.

Consolidated Ebitda grew by five percent, or P1.3 billion, year-on-year to a record P27.3 billion in the first three months of 2024, as a result of higher revenues.

Ebitda margin was at 52 percent for the period.

Telco core income, excluding the impact of asset sales and Maya Innovations Holdings, reached P9.3 billion, up eight percent or P0.7 billion from the same period last year, mainly due to higher Ebitda partly negated by the increase in financing costs and tax provisions.

Reported income was at P9.8 billion in the first quarter of 2024, up by nine percent year-on-year. / PR