Increased Information Technology (IT) services demand coupled with a respectable 9 percent increase in its subscriber base enabled diversified telecommunications firm PT&T to haul in P520.74 million revenues in 2021, up 19 percent from the preceding year's P438.62 million.
The company also managed to cut down its net losses from P31.3 million in 2020 to P22.8 million last year.
The reduction in net loss by 27 percent versus 40 percent was due to the depreciation on account of network investments and non-core expenses related to PT&T's exit from corporate rehabilitation.
"Even as the business impact of the pandemic spilled over to 2021, PT&T has proven to be resilient turning in an encouraging performance that augurs well in the scale-up of our business in 2022 and beyond," according to President and CEO James G. Velasquez.
“The easing of mobility restrictions in 2021 has reopened the economy, providing PT&T further boost to serve more customers with relevant connectivity and IT service bundles," he added.
Notably, PT&T last year improved its growth rate in the number of data services circuits over the prior years 2020 and 2019.
The company recorded a total of 2,226 circuits as of December 31, 2021, compared to 2,016 and 1,760 as of years 2020 and 2019, respectively.
The increase in the number of data circuits correspondingly increased operating revenues to P497.4 million, versus 2020 revenues of P408.3 million and 2019 revenues of P396.0 million.
Furthermore, new revenue stream from IT Services made a significant impact on the company's performance, generating an additional P74.8 Million.
PT&T's foray in IT Services paid off with an impressive 207 percent growth, contributing 14 percent to the overall revenue pie.
The company expects IT Services will provide more new revenue opportunities in the coming years.
On the other hand, recurring service revenues grew 13 percent as momentum built with the return of economic activity as more businesses bounced back.
However, investment in people assets and network operations, which are necessary expenditures to grow the business, limited the company's core EBITDA margin in 2021 to 19 percent from 20 percent in 2020.
PT&T continues to invest on upgrading its network and the skill sets of its people to become the partner of choice for broadband connectivity and digital transformation solutions in the markets it serves.
Recently, PT&T partnered with US-based Continental Advisory Services (CAS) LLC and Urban Logistic Advisory Services (ULAS) Inc. to expand its network in underserved areas in the National Capitial Region ( NCR) and key cities in the country.
It was part of PT&T's strategy to stage a comeback as one of the top telecommunications firms in the country.