FIRST PACIFIC COMPANY: PLDT 1998 annual results.

0 Comments | M2 Presswire, February, 1999

M2 PRESSWIRE-26 February 1999-FIRST PACIFIC COMPANY: PLDT 1998 annual results (C)1994-99 M2 COMMUNICATIONS LTD RDATE:260299 Philippine Long Distance Telephone Company (NYSE: PHI) announced today its consolidated results of operations for the year ended December 31, 1998. Consolidated operating revenues increased by 31.9, but net income declined by 85.5 compared to 1997.

Accordingly, basic and diluted earnings per share dropped to 0.12 peso in 1998 from 56.23 pesos in 1997. Local network revenues, which accounted for 37.2 of consolidated operating revenues in 1998, rose by 68.6 compared to 1997, mainly due to the impact of the upward currency adjustments resulting from the depreciation of the Philippine peso relative to the U.S. dollar and the effect of...