PLDT and its mobile subsidiary Piltel - as well as rival Philippine MSO Globe - all recorded double-digit profit increases in Q2, but face challenges going ahead.
PLDT's Q2 profit grew 15% to 10.14 billion pesos ($211.9 million). For the first six months of the year, profit rose 2% to 19.7 billion pesos, while revenue increased 4% to 72.9 billion pesos.
Piltel said its 1H income rose 34% to 7 billion. The company added 2.26 million new subscribers, increasing its customer base to 16.6 million.
PLDT also raised its full-year profit forecast by 1 billion pesos to 41 billion pesos, even though chairman Manuel Pangilinan said the market was showing signs of slowing down by July.
He also warned that Q3, traditionally the slowest quarter of the year, is likely to be even more sluggish due to the recession, according to the Manila Times.
Globe, meanwhile, saw its Q2 earnings climb 16% to 3.25 billion pesos. Its 1H earnings grew 17% to 7.2 billion pesos, on revenue of 31.7 billion pesos.
Globe's subscribers decreased by 600,000 to 25 million. The company recognized that it needs to shift its focus towards retention rather than acquisition as the Philippine telecom market reaches maturity, the Manila Times said.