PLDT announced its unaudited financial and operating results for the first nine months of 2010 with consolidated reported net income increasing by 7% to P32.0 billion, from the P30.0 billion recorded in the same period last year.

Core Net Income for the first three quarters of 2010, net of exceptional items, rose 2% to P31.4 billion, from P31.0 billion in the same period in 2009. This year’s results reflect higher recurring net income and a higher net gain from foreign exchange revaluation of our financial assets and liabilities compared with last year.

A closer look at the underlying revenue mix shows the ongoing transition of revenue streams with the lower traditional sources being replaced by the growth of new revenue streams.

Consolidated service revenues decreased by 1% to P106.7 billion, reflecting the combined effect of:

     • a 20% increase in combined fixed and wireless broadband revenue;

     • a 12% growth in cellular voice revenues, which includes a 24% increase in domestic voice revenues;

     • an 18% rise in revenues from fixed data and other network services to third parties;

     • a 13% reduction in cellular text revenues;

     • a 34% decline in NLD revenues; and

     • a 16% decrease in ILD revenues.

In addition, our service revenues were affected by:

     • the strengthening of the peso during the period which resulted in reduced service revenues of P1.5 billion; as well as

     • the sale of our satellite business.

Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was lower at P63.8 billion, while consolidated EBITDA margin was at 60% of service revenues. Consolidated free cash flow reached P32.8 billion.

Cellular subscriber base stood at 44.1 million, while total broadband subscribers reached 2 million as aggregate revenue contribution from broadband and internet services rose to P12.9 billion, 20% higher than in the same period last year..