PLDT Q3 net income falls 49% to P3.4B

PANGILINAN-LED Philippine Long Distance Telephone Co. said Monday its net income in the third quarter dropped by 49 percent from a year ago to P3.4 billion as it continued to invest on a pivot to digital services.

Net income for the first nine months fell 37 percent to P16 billion, while consolidated revenues slipped 2 percent to P125.4 billion. Excluding international and national long distance (ILD and NLD), and interconnection costs, consolidated service revenues totaled P101 billion, flat from last year.