19 Apr PT&T sees steady growth
Philippine Telegraph and Telephone Corp. is seeing a steady growth this year despite the challenging economic environment.
PT&T sustained a remarkable reduction in its net loss by 40 percent to P31.3 billion in 2020 versus P52.4 billion in 2019 mainly due to depreciation on account of network investments and non-core expenses related to its exit from corporate rehabilitation.
“In 2021, we have earmarked large capital expenditure projects to provide our customers with an improved network and quality of service,” said James Velasquez, PT&T president and chief executive.
With the tempered growth in operating expenses lifted by sustained revenue growth, the company’s core EBITDA exceeded last year’s performance by 75 percent to P89.5 billion last year, from P51 billion in 2019.
PT&T recorded an eight percent year-on-year revenue increase attributed to subscriber base growth of 15 percent.
News source: Malaya