PT&T Corp. Achieved P256.7 Million in Revenues in H1-2024; Net Income at P7.9 Million

PT&T Corp. (PT&T) announced its financial results for the first half of 2024, highlighting the company’s strategic growth initiatives and operational resilience. Despite a slight dip in total revenues, PT&T demonstrated robust performance across key financial metrics, underscoring its commitment to innovation and sustainable value creation.

For the six months ending June 30, 2024, PT&T achieved total revenues of P256.7 million, reflecting a 4% decrease from P267.9 million in the same period last year. The reduction in revenue was primarily attributed to higher churn rates and minimal subscriber growth in the Connectivity business. However, this was offset by a substantial 33% YoY increase in revenues from its ITS business, underscoring PT&T’s successful efforts to diversify and expand its service offerings.

PT&T’s focus on cost management has yielded significant results, with total costs and expenses reduced by 7% YoY. Personnel-related expenses dropped by 10% versus the previous year, as the company strategically prepares its workforce to sustain growth in both its businesses. Premises-related expenses also dropped by 34%, reflecting PT&T’s effective cost control measures.

These reductions contributed to a 17% increase in Core EBITDA, which rose to P35.5 million, up from P30.3 million in the first half of 2023. The Core EBITDA margin also saw a significant improvement at 14%, up from 11% in the prior year.

PT&T reported a net income of P7.9 million for the first half of 2024, a remarkable turnaround from the net loss of P27.1 million in the same period last year. This 129% improvement was driven by a substantial reduction in Rehabilitation Interest Expense following the P8.9 billion debt-to-equity conversion in December 2023, as well as decreased depreciation expenses.

Looking ahead, PT&T is optimistic about the growth potential of the Philippines’ broadband industry. The company is committed to expanding its network coverage and upgrading its infrastructure to meet the growing demand for high-speed internet. With plans to extend its reach to key cities in the NCR, CALABARZON, and parts of Northern Luzon.

PT&T is also focused on building a nationwide backbone to support its long-term goal of offering comprehensive telecommunications services, including mobile services in the future. This expansion includes deploying massive fiber optic infrastructure and exploring innovative network concepts like “virtualization” to enhance service delivery and reduce costs.

Commenting on the results, PT&T President and CEO James Velasquez said, “The first half of 2024 has been a transformative period for PT&T. Our strategic initiatives and disciplined execution have led to significant financial improvements, even as we navigate challenges in the Connectivity business. The strong performance in our IT Services business and our ongoing investments in network expansion reflect our commitment to delivering sustainable value to our stakeholders and driving innovation in the Philippine telco and IT industry.”

As PT&T continues to grow, the company remains dedicated to leveraging digital technologies to drive economic and social impact. With several projects lined up, including a partnership to provide high-speed, low-latency broadband internet across the Philippines, including remote areas, PT&T is well-positioned to capitalize on the opportunities ahead and continue its journey of growth and innovation.