Philippines: PLDT reports drop in net income due to foreign exchange losses.

Section: General News - Leading telecommunications provider Philippine Long Distance Telephone Company (PLDT) on Tuesday reported that its consolidated net income for the first three months of 2009 declined by eight percent to P9.6 billion from P10.4 billion in 2008.

Napoleon L. Nazareno, president and chief executive officer of PLDT and its subsidiary-Smart Communications, said the first-quarter result was impacted by non-recurring losses from foreign exchange revaluation of their financial assets and derivatives.

However, Nazareno stressed that compared to previous years, this year's core net income remains high as it registered P10.2 billion higher by nine percent from last year's P9.3 billion …