THE Philippine Telegraph and Telephone Corp. (PT&T) narrowed its net loss for the third quarter on the back of higher revenues amid the pandemic crisis.
In a regulatory filing on Thursday, PT&T reported a net loss of P10.93 million for the third quarter from P19.28 million net loss posted in the same period last year.
The listed company’s total revenues for the period climbed 11.20% to P100.18 million from P90.10 million posted in the same period a year ago.
This brought the company’s nine-month revenues to P315.47 million, 21.62% higher than the P259.39 million posted last year.
PT&T said its broadband business contributed 92% of its total revenues “by offering connectivity subscriptions to enterprise, residential, wholesale and carrier customers.”
“For the nine months ending Sept. 30, 2020, the broadband business improved its profitability from P1.7 million to P32.0 million,” the company noted.
“Accordingly, core EBITDA (earnings before interest, taxes, depreciation, and amortization) margin improved from 14% to 25% as the company tempered increase in expenses together with revenue growth,” it added.
PT&T said it aims to step up efforts to invest in “innovative digital solutions to drive economic growth and social impact.”
Such efforts will include “building capabilities in cybersecurity, Internet of Things, and smart cities,” it said. — Arjay L. Balinbin
