PLDT Q310 net income flat amid stiff competition

Philippine Long Distance Telephone Company (PLDT), backed by Hong Kong’s First Pacific Co and Japan’s NTT Communications and NTT DoCoMo, booked net profit of PHP10.3 billion (USD242 million) for the three months ended 30 September 2010, unchanged year-on-year, amid intense competition in the domestic mobile market. The operator’s core net profit (i.e. stripping out currency and derivatives-related items) climbed 1% year-on-year to PHP10.19 billion, and it confirmed its full-year guidance of core net profit of HUF41.5 billion, roughly the same as in 3Q09. Orlando Vea, chief wireless adviser of PLDT unit Smart Communications, said: ‘With the cellular market nearing saturation and competition showing no signs of abating, it is incumbent upon us to both continue developing broadband as our growth sector as well as to be on the look-out for other aligned opportunities.’