Image via WikipediaPhilippine Long Distance Telephone Company (PLDT) reported that it’s consolidated net income was almost flat last year, increasing by one percent to P40.2 billion, from the P39.8 billion recorded in 2009.
PLDT’s Board of Directors declared a final dividend of P78 per share, fulfilling the company’s commitment to pay out a minimum ratio of 70 percent of core earnings. It approved a special dividend of P66 per share.
Added to the interim dividend of P78 per share paid in September 2010, total dividends for the year will amount to P222 per share, representing a payout of 100 percent of 2010 core earnings, similar to the payout ratio of the last three years. Total dividend payments for 2010 will total P41.4 billion.
PLDT Chairman Manuel Pangilinan said the firm is expected to invest heavily in technology to ensure future growth although core net income is seen to suffer in the next two years before recovering in 2013.
“At about this time last year, we had indicated that 2010-2012 would be a critical period in the PLDT Group’s transformation, as it was being undertaken at a time when the operating environment was becoming increasingly price-competitive and market-share sensitive,” said PLDT chairman Manuel V. Pangilinan.
He noted that “our 2010 performance has underscored our views and indeed reinforced our position that in order to survive and prosper, we must be prepared to make changes now.”
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