PLDT Inc.  announced a 23 percent growth in net income in the first nine months of the year, boosted by its data and broadband businesses. 

The country’s largest telco said reported net income amounted to P19.7 billion in the first nine months of the year from P15.99 billion in the same period last year. 

For third quarter alone, PLDT’s reported net income reached P7.47 billion, up 96.57 percent from last year’s P3.80 billion. 

PLDT’s telco core net income also rose by 8 percent to P20.96 billion in the first nine months of the year from P19.40 billion in the same period last year. 

The company’s service revenues grew by 9 percent to P126.6 billon in the first nine months of the year compared to the same period last year. 

For third quarter, PLDT’s service revenues amounted P44.36 billion from P40.65 billion in the same period last year.

PLDT said sustained demand for data and broadband led service revenues across its three major revenue streams, consumer wireless, enterprise and home broadband, to an all-time high.

“We have seen our service revenues grow consistently quarter-on-quarter since 2018. If not for the negative impact of the lockdown in the second quarter of this year, we would have had 11 quarters of consecutive growth — no small feat and a testament to the hard work and dedication of the whole group,” Al Panlilio, chief revenue officer of PLDT and president of Smart Communications said. 

Data and broadband revenues led the growth in service revenues, reaching P90.8 billion, an 18 percent increase in the first nine months, with mobile internet and Home broadband rising 31 percent and 14 percent, respectively. 

“As we enter the fourth quarter of what has been an extraordinary year, we are  fortunate to be where we are,” Manuel V. Pangilinan, PLDT chairman and president said. 

“We expect revenues to continue to rise i the fourth quarter . We’re forecasting better numbers for 2021,” Pangilinan said.

He also said that the company is posed to surpass last year’s core income with service revenues at an all-time high. 

Capital expenditures remain  demand-driven and are likely to hit over P70 billion for the year. 

“PLDT and Smart have always been committed to supporting the Government in its  efforts to introduce pro-investment telecommunications policies including all measures to speed up the rollout of telecommunications infrastructure in the country,” Pangilinan said. 

As of end-September 2020, 95 percent of the Philippine population is now covered by Smart’s 4G and 3G mobile data networks, while 46 percent  of cities/municipalities have PLDT Home broadband presence, in both fiber and copper. 

PLDT’s fiber optic cable nationwide footprint is, by far, the most extensive and advanced digital transport network in the Philippines. 

PLDT aims to extend its current 395,000-kilometer footprint by another 81,000 kilometers. With 8.3 million homes passed, PLDT is looking at a significant potential market in the near-term. PLDT has ongoing plans of adding 500,000 fiber ports. 

To further improve coverage and connectivity, Smart intends to add about 2,000 cell 

sites next year. 

Smart has also tapped six tower companies to build the initial batch of 180 to 200 common towers, pursuant to the government’s common tower policy. 

In addition, PLDT’s backbone network capacity stands at 55 terabits per second in the first nine months. With the ongoing expansion, PLDT is looking to further increase this capacity by another 37 terabits per second.