Philippines' PLDT 1Q Profit Drops 8 Percent

MANILA, Philippines (AP) — Philippine Long Distance Telephone Co., the country's largest telecommunications group, said Tuesday first-quarter profit declined 8 percent on foreign exchange losses but growth in subscribers and revenues remained robust.

PLDT said consolidated net profit slipped to 9.6 billion pesos ($200 million) from the same period last year because of nonrecurring losses from the foreign exchange revaluation of the company's financial assets and liabilities.

The company's core net income, which excludes foreign exchange movements and changes in the value of derivatives, rose 9 percent to 10.2 billion pesos ($213 million). ...