PHILIPPINE Telegraph and Telephone Corp. (PT&T) on Tuesday reported a net loss of P11.7 million for the first three months of the year, lower than the net loss of P13.56 million reported for the same period in the previous year.
“Additional expenses such as recognition of the legal interest rate of 6% per annum on unsettled obligations as directed by the Rehabilitation Court, and rehab-related expenses affected the net loss for the period,” the company said in its first-quarter report.
PT&T’s revenues for the first quarter reached P125.8 million, or 12.4% higher than the previous year’s P110.2 million.
“The company ended the quarter with 2,226 data services circuits, notably broadband connections, which is a key performance indicator for an increase of 7% over the same period of last year. For the three-month period end-ing March 31, 2022, operating revenues for broadband reached P109.5 million, a 9.6% increase in operating revenue performance versus last year,” it said.
“Activities for the broadband group included street level saturations on major nodes, optimization of existing infrastructure in commercial buildings and establishments and account management of existing subscribers,” it add-ed.
Meanwhile, the company’s personnel-related expenses for the period reached P57.8 million compared with last year’s P54.1 million, as it “prepares its work force in sustaining growth in connectivity and IT services despite the ongoing pandemic.”
“Due to the implementation of work-from-home arrangement and skeletal work force last year, premises-related expenses increased to P10.9 million from P9.2 million in the comparative period,” it noted.
“Selling, general and administrative expenses went beyond last year’s level from P12.9 million to P17.4 million, together with cost of sales from P13.9 million to P20.4 million. This increase indicates the company’s ability to adapt to the pandemic by investing in operations to support its growing business,” it added.
The company said it continues to invest in network upgrades and the skill sets of its employees.
“PT&T remains on track towards becoming the partner of choice for broadband connectivity and cutting-edge digital transformation solutions in the markets it serves,” it said in an e-mailed statement. — Arjay L. Balinbin