The Philippines' largest telecoms operator by revenue PLDT Inc. reported a 49% drop in net income for the three months ended 30 September 2016, down to PHP3.402 billion (USD69.77 million) from PHP6.610 billion in 3Q15. In a briefing in Makati City today, the telco said the plummeting profits were the result of lower earnings and higher operating costs; total revenues in the quarter dipped 6% year-on-year to PHP40.102 billion, as service revenues fell by a similar margin to PHP38.328 billion, and operating costs increased 6% to PHP33.447 billion from PHP31.639 billion. Pre-tax profit dropped sharply by 41% to PHP5.028 billion, with the company also noting that earnings before interest, taxes, depreciation and amortization (EBITDA) took a hit 'on account of lower wireless service revenues, a rise in product subsidies, content costs, and higher provisions'.
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