• PLDT shares plummet on weak Q3 earnings

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    SHARES of the Manuel Pangilinan-led Philippine Long Distance Telephone Co. (PLDT) slumped by more than 5 percent by the midday market recess Wednesday on the company’s poor third-quarter earnings performance.

    As of 1:37 p.m., PLDT was the most actively traded issue on the Philippine Stock Exchange index (PSEi) and also the most active loser, down 5.27 percent or P166 at P2,982 apiece after opening at P3,080 per share.

    Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview that the decline of the telco giant’s shares was caused by “disappointment” over its weak third-quarter earnings results.

    PLDT’s third-quarter results showed a 3 percent drop in net profit to P27.96 billion as of end-September from P28.96 billion the company recorded in the third quarter of 2013.

    “Investors were disappointed on the results of PLDT’s third-quarter financials,” Del Castillo said.

    “Aside from the financials, the telco also downgraded its full-year profit target from the previous P39.5 billion to P37 billion on stiff competition in the mobile data segment,” he added.

    On Tuesday, PLDT lost 122 points or 3.7 percent to close at 3,148.

    Kristyn Nika M. Lazo

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