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PT&T trims losses as revenues rise 23%

Despite the pandemic, Philippine Telegraph and Telephone Corp. (PT & T) hauled in P217 million revenues for the first half of 2020, up 23 percent year-on-year, and pared down its net losses by 45.37 percent to P19.5 million, from P35.7 million.

As people shifted their activities online during the lockdown, the telco’s broadband connections surged 22 percent.

Demand for wireless connectivity peaked during the quarantine period as Filipinos stayed home and engaged in telecommuting, e-commerce, digital play, online learning and online banking. 

PT & T’s  core EBITDA skyrocketed  209 percent to P37 million versus the same period last year.

Despite limitations due to quarantine and  physical distancing,  the company’s Fixed Broadband segment

boosted subscriber numbers, translating to a 15 percent increase in revenues.

PT &T’s new IT Services also grew significantly, contributing close to 10 percent of the company’s total revenue in the first half of 2020.

These improved the company’s net loss position by 45 percent versus last year. 

The depreciation of fiber network-based investments made in recent years accounted for most of the losses.

 “We all have to live with the business uncertainty brought about by the pandemic for the foreseeable future,” acknowledged James Velasquez, president and chief executive.

However  “PT&T is here to bridge the technology gap and support the digital transformation needs of Filipinos and businesses with our combined connectivity and IT services,” he stressed.

“Since last year we have managed to transform our offerings and be a digital services provider.” 

PT&T stayed operational during the country’s community quarantine to provide connectivity and IT solutions services to existing and prospective clients. 

Currently, PT&T has a network asset of 14,000 poles equivalent to 13,500 fiber kilometers covering almost 40 percent of the total Philippine population in high growth developing areas. 

With an additional capacity for 46,000 poles via a Joint Pole Agreement, the telco can expand its nationwide network coverage to over 110,000 fiber kilometers.

PT&T holds a 25-year franchise which allows the company to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication in the country.

PT&T is a publicly listed company with the Philippine Stock Exchange (PSE). 


Source: Manila Bulletin (https://mb.com.ph/2020/08/17/ptt-trims-losses-as-revenues-rise-23/?utm_source=rss&utm_medium=rss&utm_campaign=ptt-trims-losses-as-revenues-rise-23)

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