PLDT Posts Record Profit of Over P30 B

Manila Bulletin Thu Feb 02,2006 The Philippine Long Distance Telephone Company (PLDT) registered the biggest net profit in the country’s corporate history with a record over R30 billion net income last year. This was disclosed by company chairman Manuel V. Pangilinan in a talk with reporters after his speech before the meeting of the Management Association of the Philippines Tuesday evening where he was conferred the Management Man of the Year 2005 Award at the Manila Mandarin.   At the same time, Pangilinan said PLDT paid the government P85 billion in the past seven years (1999 to 2005) and will likely pay more as its earnings soar in the future.   He said in 2005 alone, PLDT earned over P30-billion profits and paid about P18 billion to local and national treasuries by way of income taxes, Value-Added Taxes and franchise taxes.   "PLDT’s tax payments are certain to increase significantly in the coming years as our profits continue to rise," Pangilinan added.   PLDT is committed to the Philippines, he underscored. "For the past 7 years, PLDT’s consolidated capex spending totaled US.7 billon, manifesting our commitment to this country’s future."   "Seen in the context of the future, our strong financial results are critical in underpinning he next round of significant investments required for the next generation in infrastructures," the PLDT Chairman explained.   PLDT must make new investments in next generation internet protocol (IP) network, Third Generation (3G) cellular, Wireless Fidelity (Wi-Fi), Wireless Inter-operability for Microwave Access (Wi-Max), IP/TV, mobile video and mobile commerce that will breed new products and services, new revenue streams and new businesses, he acknowledged.   After sacrificing 4 years of dividends to reduce its debts, PLDT returned over P15 billion cash by way of dividends to thousands of its shareholders last year. "PLDT is likely to be the company which pays the largest cash dividend in the country for 2005," Pangilinan pointed out.   "This country needs more PLDT’s reporting world class numbers and performance and attracting the attention of global markets," he noted.