The Philippines' PLDT has reported an 8% decline in net profit for 1Q13 to 9.2 billion pesos ($225.1 million), blaming forex losses and the impact of accounting standard changes.
But core net income grew 4% to 9.6 billion pesos, and service revenue stayed flat at 40 billion pesos, thequarterly results show.
Wireless service revenues grew slightly to 28.5 million pesos, while total broadband and internet revenues grew 10% year-on-year to 6.4 billion pesos. Fixed line revenues grew a more modest 1% to 16 billion pesos.
“As we have seen in the past few years, our service revenue levels are challenged by an evolving revenue mix,” PLDT chairman Manuel V. Pangilinan said. “While voice and SMS revenues were relatively stable, both international and national long distance revenues continued their decline.”
But he said the company is encouraged that increasing data revenues are offsetting these declines, and said the Q1 results are a good step towards PLDT making its guidance of 38.3 billion pesos in core profit for 2013.
PLDT's mobile subscriber base reached 71.7 million by the end of the quarter, including 25.4 million to its mainstream Smart brands and 15.8 million to value brand Sun Cellular. Total postpaid customers hit 2.1 million.
Broadband subscribers meanwhile reached 3.2 million, with DSL subscribers at Smart Broadband and Digitel increasing to around 924,000.