PLDT Inc. (NYSE:PHI) Q1 2022 Results Conference Call May 5, 2022 3:30 AM ET

Company Participants

Melissa Vergel de Dios - Head, IR

Manny Pangilinan - Chairman

Al Panlilio - President and CEO

Anabelle Chua - CFO and Chief Risk Officer

Shailesh Baidwan - President, Voyager Innovations and PayMaya Philippines

Jane Basas - VP and Head of Consumer Wireless Business

Conference Call Participants

Hussaini Saifee - UBS

Melissa Vergel de Dios

Good afternoon, and thank you for joining us today to discuss the company’s financial and operating results for the first quarter of 2022. A copy of today’s presentation is posted on our website. For those who’ve not been able to do so, you may download the presentation from www.pldt.com, under the Investor Relations section. Kindly note that this briefing is being recorded. A broadcast of the event will be available on our website after the call.

For today’s presentation, we have with us our Chairman, Manny Pangilinan; our President and CEO, Mr. Al Panlilio; and Anabelle Chua, Chief Finance Officer and Chief Risk Officer; Mr. Shailesh Baidwan, President of Voyager Innovations and PayMaya Philippines, as well as other members of the PLDT management team.

At this point, let me turn the floor over to Mr. Panlilio to begin the presentation.

Al Panlilio

Thank you, Melissa. Good afternoon, and thank you for joining us today. Let me start by saying that I’m very proud to show you the performance for the first quarter 2022. We are showing Telco Core net income of PHP 8.2 billion, which is I think, if I’m not mistaken, all-time -- a quarterly high since 2015. So we are -- this is 9% higher than the same period last year or PHP 700 million higher than the PHP 7.5 billion of last year.

In terms of net service revenues, all-time high for net service revenues of PHP 46.4 billion, which is a 3% growth versus same period last year or PHP 1.5 billion increase, and this was driven by the following segments. For sure, the one driving the major growth -- the major driver for revenue growth is Home at PHP 13.6 billion, which is also quarterly high for Home, 25% increase in revenues or PHP 2.7 billion. Wireless is down versus last year at 20.4, amidst the challenges of the lockdowns and the Odette issues that flowed through the first quarter of this year.

But we are seeing a turnaround in the second quarter, and the second quarter should be an improvement from the first quarter moving forward. That’s where we’re seeing new programs coming in and our top-ups are increasing month-on-month. Not there yet, but at least reversing the trend in the past few quarters.