Fibr City program helps PLDT cover 3M homes in Q1
THANKS to its smart-city program, the home broadband subsidiary of PLDT Inc. is on track to meet its target of reaching 4.4 million homes by the end of 2017. Based on a filing with the stock exchange, the company ended the first quarter with over 3 million homes passed, up 7 percent from 2.8 million homes at end-2016.
“Starting with 2.8 million homes passed in year-end 2016, we are now covering over 3 million homes and well on our way to reach the 4.4-million target by year-end,” the document read. The company is in the middle of its smart-city program called Fibr City, wherein it deploys fiber-to-the-home technologies in various Philippine cities. It started with Toledo City, Cebu, in February, followed by General Santos City in April, and Naga City in May.
Cities scheduled next for the deployment are Sultan Kudarat, Para?aque and Taguig. The home-broadband business is one of the two fastest-growing verticals of PLDT. Its revenues rose by 13 percent to P8.5 billion in the first quarter of 2017, from P7.5 billion in the same period last year.
Along with the enterprise business, which grew by 12 percent to P7.8 billion, the home-broadband segment helped the company recuperate from declines in its legacy and wireless businesses. Consolidated core income for the first quarter of 2017 was at P5.3 billion, which was 26 percent less than the year prior. Its consolidated revenues were down by 7 percent to P35.6 billion, even as it cut down expenses by 9 percent to P30.47 billion during the first quarter.
Home and enterprise now make up for 52 percent of the company’s revenues, and are forecasted to grow to a 56-percent share by 2019.
PLDT aims to net P21.5 billion in recurring core income by year-end.