by PLDT Media Services | Aug 05, 2008

MANILA, Philippines, 5th August 2008 –– Philippine Long Distance Telephone Company
(“PLDT”) (PSE: TEL) (NYSE: PHI) today announced unaudited financial results for the first half of 2008 with consolidated net profit of P19.3 billion, an increase of 13% from the P17.1 billion net profit reported last year. This year’s results benefited from net mark-to-market foreign exchange and derivative gains plus a one-time gain of approximately P700 million arising from the de-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