PLTD Q1 net falls 8% on forex losses

Dylan Bushell-Embling
06 May 2009

Foreign exchange losses have pushed PLDT\'s Q1 net income down 8% year-on-year, the company said.

Profit declined to 9.83 billion pesos ($205.4 million) even though revenue grew 3.9% to 36.24 billion pesos.

The company\'s foreign exchange losses totaled 600 million pesos ($12.5 million), compared to a gain of 1.1 billion pesos a year earlier.

But CEO Napoleon Nazareno told investors that excluding one-offs and forex losses, core profit grew 9% to 10.2 billion pesos, Dow Jones reported.

"Despite earlier apprehensions that our core business would already be negatively impacted by the global recession, we are pleased by our strong performance in the first quarter of 2009," Nazareno said.

The company added 1.7 million new mobile subs to take its customer base to around 36.9 million. Broadband subscribers reached the 1 million mark, with broadband revenue growing 30%.

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