PLDT cuts 2014 profit guidance on drop in Q3 income

THE Philippine Long Distance Telephone Co. (PLDT) on Tuesday cut its 2014 profit guidance following a double-digit drop in third quarter earnings.

PLDT Chairman Manuel Pangilinan said the firm lowered its full-year profit guidance to P37 billion from the original guidance of P39.5 billion because “we expect competition to remain keen in the fourth quarter, and possibly beyond 2014 as well.”