Philippine telco PT&T incurred a net loss of Php26.57 million during the first semester of 2021, Php7.07 million higher than the net loss the company suffered the previous year.
Per PT&T President James Velasquez, the continuing net loss was the result of lower revenue growth for the period. He cited the global health issue making a negative impact on company clients, which are primarily micro, small, and medium enterprises (MSMEs).
The company, however, reported that its revenues increased by 7% year-on-year, from Php206.99 million to Php221.11 million, attributing the 15% increase in subscriber base along with increases in its portfolio of IT services.
Looking ahead, Velasquez hopes the impact of the Delta variant would be minimal. He said PT&T is ready even if more lockdowns persist as he expects growing demand in the IT and telco industry. He is also optimistic the ongoing vaccination and anticipated spending for the upcoming elections will help turn things around.
PT&T was once a major telco competitor to PLDT. As of June 2021, the company has 22,800 kilometers of fiber cable and has a 40% nationwide coverage.
Source: Business Mirror