Network provider PLDT Inc. reported a P3.8 billion or 30% jump in its income reaching P16.7 billion in the first half of 2022.
Withstanding unfavorable economic conditions as well as the effects of natural disasters that haunted the country over the past few months, PLDT’s consolidated service revenues grew by 6% to P47.9 billion.
Sustained quarter-on-quarter growth in data and broadband, which grew by 10% or P6.6 billion to P74.9 billion in the first half, contributed 79% to consolidated service revenues.
“We expect stronger headwinds in the second half, with higher inflation impacting our customers’ pockets as well as our own operating costs,” Manuel V, Pangilinan, chair, PLDT, said during the briefing Thursday.
PLDT Enterprise, which has been aggressive in its ventures to service hyperscalers, reported a 9% revenue growth year on year (YoY) to P23.2 billion. During the pandemic, the B2B arm of PLDT designed and introduced products and services that enable businesses to continue amid lockdowns and mobility restrictions. As hybrid work setup is strongly promoted after two years, PLDT Enterprise’s second quarter revenues reached P11.6 billion, up by 11% or P1.2 billion compared with the same period last year.
This year alone, PLDT jumpstarted the construction of its 11th data center in Sta. Rosa Laguna and just last week, fired up its US-Transatlantic Jupiter Cable System that connects the Philippines to the rest of the world, promising to deliver a faster connection to businesses and households.
PLDT also announced the completion of the sale of 1,013 more cell sites for P13.2 billion.
As previously announced, Home broadband would be one of the key drivers for PLDT revenues. Fiber-only service revenues grew by 62% or P8.9 billion to P23.2 billion for the first half of 2022, driving total Home service revenues to P28.1 billion, up by 24% or P5.4 billion year-on-year for the first half of the year. Fiber-only revenues account for 82% of total Home revenues, up from 63% from a year ago.