Talk and Text (Piltel) profit down

[pioneer]

Pilipino Telephone Corp. (Piltel), a unit of the PLDT group, announced a 17.7-percent drop in net income to P8.3 billion last year from P10.08 billion in 2006.

In a disclosure to the stock exchange, Piltel said the drop was due to higher provision for income tax last year and the additional depreciation of P796 million relating to fixed-line assets.

Piltel’s total revenues in 2007 grew 21 percent to P15.31 billion from P12.69 billion in 2006 because of the continued growth in revenue contribution from the subscriber base of its “Talk ’N Text” mobile phone service brand.

- Philippine Daily Inquirer