PLDT Inc. (NYSE:PHI) Q2 2022 Earnings Conference Call August 4, 2022 3:30 AM ET

Company Participants

Melissa de Dios - Head, IR

Manuel Pangilinan - Chairman

Al Panlilio - President and CEO

Anabelle Chua - CFO and Chief Risk Officer

Orlando Vea - Founder and CEO of Voyager Innovations

Jane Basas - VP and Head of Consumer Wireless Business

Francis Flores - Head of Wireless Business

Conference Call Participants

Hussaini Saifee - UBS

Arthur - Citi

Ranjan Sharma - JP Morgan

Rachelleen Rodriguez - Maybank

Melissa de Dios

Good afternoon, and thank you for joining us today to discuss the Company's financial and operating results for the first half of 2022.

A copy of today's presentation is posted on our website. For those who not [Indiscernible] you may download the presentation from www.pldt.com under the Investor Relations section.Kindly note that this meeting is being recorded. Broadcast of this event will be available on our website after the call.

For today's presentation, we have with us Mr. Al Panlilio, President and CEO of PLDT and Smart Communications; Anabelle Lim Chua, Chief Finance Officer and Chief Risk Officer; Mr. Orlando Vea, Founder and CEO of Voyager Innovations as well as other members of the PLDT management team.

Our Chairman, Mr. Manny Pangilinan, will join us later. Despite that, we turn the floor over to Mr. Panlilio to begin the presentation.

Al Panlilio

Thank you. Thank you, Melissa, and good afternoon to all, and thank you for joining us. Today, hopefully, after this, we can do face-to-face next time as everything. Again, good afternoon to all and thank you for being here again. Happy to report our first half 2022 business performance and give you a glimpse of what is expected for the rest of 2022.

So for the first half, we closed Telco core net income in the second quarter at PHP 8.8 billion, which is 14% versus the same period last year of PHP 7.7 billion. So – but if you add up our Telco core for the first half, it's PHP 17 billion, up 12% versus last year's PHP 15.2 billion.

In terms of revenues, all-time high in terms of quarter ended the second quarter of 2022 of PHP 47.9 billion and first half service revenues of PHP 94.3 billion, also an all-time high, which is 5% higher than last year's PHP 89.9 billion.

Next page, please. Next page Please. Having grown by 5% in terms of expenses, we are able to manage our expenses by only increasing it by 1% to PHP 43.8 billion, due really to lower provisions, but again, just to plan we give on second half, this is something that we have to continue to take a look at as headwinds can actually come up to the business because of economic conditions that we are experiencing, not only the Telco industry, but that globally, this affects all the businesses.