MANILA, Philippines, 3rd March 2009 –– Philippine Long Distance Telephone Company
(“PLDT”) (PSE: TEL) (NYSE: PHI) today announced audited financial results for 2008 with core net income, net of exceptional items, rising to P38.1 billion, 8% over the core net income of P35.2 billion in 2007. Consolidated net profit of P34.6 billion decreased 4% from the P36.0 billion net profit reported last year. This year’s results were impacted by asset impairment charges arising largely from earlier investments in its information and communications technology business as well as losses from the foreign exchange revaluation of our financial assets and liabilities, partially offset by net gains on derivative transactions. Consolidated service revenues increased by 5% to P142.9 billion, fueled mainly by the 12% growth in data and ePLDT revenues. Consolidated EBITDA improved by 6% to P87.6 billion while EBITDA margin was stable at 61%. Read more