MANILA, Philippines, 6th May 2008 –– Philippine Long Distance Telephone Company
(“PLDT”) (PSE: TEL) (NYSE: PHI) today announced unaudited financial results for the first
quarter of 2008 with consolidated net profit of P10.4 billion, an increase of 21% from the P8.6 billion net profit reported last year. This year’s results benefited from significant mark-to-market foreign exchange and derivative gains plus a one-time gain of approximately P0.7 billion arising from the designation as non-hedges of certain derivatives related to the Company’s 2009, 2012 and 2017 bonds which had previously been designated as hedges. Read more