declined

60% to P10.48b in 2022

By Darwin G. Amojelar

PLDT Inc. said Thursday net income declined by 60 percent in 2022 mostly because of accelerated network and technology upgrades.

The country’s largest telecom company said reported net income amounted to P10.48 billion last year, down from P26.36 billion in 2021.

Telco core profit, which excludes the impact of asset sales and Voyager Innovations, reached P33.1 billion last year, up from P30.23 billion in 2021.

“Our core business remains to be sound, and continues to show solid EBITDA numbers,” said PLDT and Smart president and chief executive Alfredo Panlilio.

“We have an excellent network, strong brands and attractive products. Wireless is simplifying its portfolio, Home continues to expand beyond connectivity, and Enterprise is pursuing its digital transformation initiatives,” he said.

Consolidated service revenues went up to P205.24 billion from P193.25 billion in 2021. Total expenses amounted to P210.74 billion, up from P152.49 billion. Of the total, depreciation and amortization amounted to P98.71 billion, higher than P52.16 billion in 2021.

“2022 demanded practically everything that we had. Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our core business is strong; and our people endured, inspired by our singular mission of safeguarding and enhancing shareholder value,” PLDT chairman Manuel Pangilinan said.

“As we approach PLDT’s 100th year, we forge ahead in pursuit of the group’s North Star—enabling a digital life for every Filipino and improving lives,” he said.

PLDT said in a separate disclosure its forensic review of the elevated capital expenditures for 2019 to 2022 is “substantially complete”, and it found “no evidence of fraud, intentional concealment or bad faith conduct on the part of any employee of the company.”

Stockholders intending to participate by remote communication should register via https://conveneagm.com/ph/MWCI2023ASM to create an account and register in the CONVENE AGM System and notify the Company by email to corporatesecretary@manilawater.com on or before March 31, 2023. By registering to participate in the virtual stockholders’ meeting, a stockholder or a proxy or an individual representative of the stockholder agrees for Manila Water and its service providers to process their sensitive personal information necessary to verify their identity and authority. A stockholder who fails to comply with the registration requirement will not be able to participate in the virtual stockholders’ meeting.

Duly accomplished proxies and sworn certifications, as applicable, shall be submitted on or before March 31, 2023 to the Office of the Corporate Secretary at the 2/F MWSS Administration Building, No. 489 Katipunan Road, Balara, Quezon City and by email to corporatesecretary@manilawater.com Please note that corporate shareholders are required to submit a proxy and a Secretary’s Certificate certifying the validity of the proxy. Validation of proxies is set for April 4, 2023 at 9:00 AM at the Office of the Corporate Secretary.

Stockholders may vote by remote communication or in absentia , subject to validation procedures. The procedures for participating in the meeting through remote communication and for casting votes

PSEi March 23,