PLDT optimistic about hitting 2024 profit target

Integrated telecommunications firm PLDT Inc. is confident it will hit its profit target for the year after sustaining its core telco business growth during the first nine months.

The company reported a telco core income of P26.6 billion for January to September, a modest 2 percent increase year-on-year.

The improvement was driven by a corresponding 2 percent rise in consolidated revenues to P144.9 billion.

At a press briefing on Tuesday, PLDT chairman Manuel V. Pangilinan expressed confidence in achieving the company’s telco core income target for the year.

“With nine months of 2024 behind us, we reaffirm our guidance for telco core income at north of P35 billion,” he said.

Continued intensification of focus

“We must continue to intensify our focus on delivering exceptional customer service as we strive to transform our networks into platforms for innovation, enabling new industries, new products, new services and new ways of life,” he added.

The individual wireless segment recorded revenues of P62.1 billion, also up 2 percent year-on-year.

Within this segment, mobile data revenues — which made up 89 percent of individual wireless sales — grew by 5 percent to P55.2 billion.

Active data users reached 41.2 million, with an average data usage of 11.6 GB per subscriber, boosted by Smart’s mobile data offerings.

Meanwhile, PLDT’s home business posted revenues of P41.7 billion, marking a 6 percent increase year-on-year. The fiber-only segment accounted for 92 percent of this total.