PLDT net earnings up 3% in 2006

The Philippine’s dominant telecoms operator Philippine Long Distance Telephone (PLDT) reported a 3% rise in net earnings in 2006 to PHP35.1 billion (USD721.2 million), up from PHP34.1 billion in 2005, as the country’s maturing market showed signs of slowing growth. Chairman Manuel Pangilinan said the results were also impacted by a PHP3.5 billion provisioning for its ACeS satellite subsidiary. PLDT’s core net income climbed 9% from PHP29 billion in 2005 to PHP31.5 billion, with the company forecasting core net income in the range of PHP32-PHP33 billion in 2007. Consolidated 2006 service revenues rose 3% to PHP125.1 billion, despite the 6.8% appreciation of the peso which negatively affected more than a third of the Group’s dollar-related revenues. Group EBITDA was also up 3% to PHP79.6 billion while the EBITDA margin was unchanged. PLDT’s consolidated balance sheet improved, with debt balances down to USD1.76 billion and net debt at the year end at USD1.2 billion.


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posted by srikanth....july10