PLDT Falls Record 18% After Posting First Loss in 12 Years
- *Carrier blames loss on depreciation charges on some assets
- *Loss of users, decline in revenue also cited as causing loss
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Philippine Long Distance Telephone Co. tumbled by a record in Manila trading after a charge on its investment in a German company caused it to report its first quarterly loss in more than 12 years.
The stock fell 18 percent to close at 1,830 pesos, the steepest decline based on data stretching back to 1990. The net loss was 3.27 billion pesos ($69 million) for the three months ended Dec. 31, the country’s largest phone carrier said in a statement Monday. Profit excluding one-time items will fall 20 percent to 28 billion pesos this year, the company forecast.