Philippine Long Distance Telephone Company (PLDT) net core earnings rose 11 percent from P18.7 billion in the first half of 2008 to P20.8 billion in the first semester of this year, reflecting higher recurring net income, the impact of net losses from the foreign exchange revaluation of its financial assets, liabilities and derivatives and a lower statutory tax rate.

Likewise, consolidated reported net profit edged up by 2 percent from P19.7 billion to P19.3 billion in the same period. Wireless service revenues increased 5 percent to P48.1 billion; fixed line service revenues up 3 percent to P25.4 billion and ePLDT service revenues improved 5 percent to P5.2 billion.

In all, PLDT’s cellular subscriber base reached 38.5 million with net subscriber additions of 3.3 million for the first half 2009; and a growth year-on-year of 16 percent . Its broadband subscribers totalled 1.2 million, with aggregate revenue contribution from broadband and internet services of P6.5 billion for the first half of 2009, 27 percent higher than last year.

Consolidated service revenues increased by 4 percent to P72.9 billion, fueled mainly by the 6 percent growth in data and broadband revenues. Consolidated EBITDA was stable at P44.1 billion while EBITDA margin was 60 percent.

Consolidated free cash flow remained strong at P31.6 billion in the first six months of 2009.

Consolidated capital expenditures stood at P10.7 billion for the half. Capital expenditures for 2009 are estimated to reach P27.0 billion.

“On the back of our strong first half performance, we have adjusted our core profit guidance for the year from P40 billion to P41 billion,” according to PLDT Chairman Manuel V. Pangilinan.

The PLDT Group’s consolidated debt balance as of 30th June 2009 was US$1.8 billion with net debt at approximately US$900 million.