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Piltel posts Q1 profit of P8M.
(From Philippine Daily Inquirer)
Byline: Clarissa S. Batino
PILIPINO Telephone Corp. yesterday said it had returned to profitability in the first quarter, posting a net income of P8 million.
Piltel, a subsidiary of Philippine Long Distance Telephone Co., finally returned to the black after seven straight years of losses.
A turnaround from a net loss of P360.2 million in the same period last year, Piltel's first quarter performance improved largely due to the increasing subscriber take-up of its Talk N' Text mobile phone brand.
Officials, however, say the figure is still subject to the approval of the company's board.
Piltel said Talk N' Text subscribers grew to more than 3 million in the first three months from more than 2.8 million as of end-2003.
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