San Miguel telco narrows 3Q loss on cost cuts

The telecom unit of San Miguel Corp on Wednesday said it narrowed its losses in the third quarter after it trimmed its operating expenses.

In a disclosure to the Philippine Stock Exchange, Liberty Telecom Holdings Inc said its losses fell to P329.17 million in the July to September period from P415.92 million in the same period last year.

In the first nine months, Liberty Telecom also reduced its losses to P1.09 billion from last year’s P1.13 billion.

Service revenues rose 14 percent to P444.27 million from P389.45 million last year. In the third quarter alone, the telco’s topline hit P149.266 million, up slightly from last year’s P148.49 million.

The company said growth came from an increase in subscribers for its postpaid and prepaid Wimax broadband services.

Its costs and expenses eased to P1.43 billion in the first nine months from P1.48 billion last year.

Liberty Telecom had said it expects to turn in profit by 2014.

Last year, the company, which owns wi-tribe Telecoms Inc, incurred a loss of P1.68 billion, or 12 percent wider than the P1.5 billion in 2010.

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