Bayan Telecom trims losses
Bayan Telecommunications Inc. trimmed its net loss in the first quarter of the year to P78 million from P484 million in the same period a year ago.
It said revenues also slid by 7 percent to P1.52 billion at end March this year from P1.64 billion as a result of slow growth in voice traffic. Data revenues were also lower during the period brought about by lower domestic and leased line revenues.
Cash flow, measured by earnings before interest, taxes, depreciation and amortization (Ebitda), amounted to P403 million, down 24 percent from last year’s P531 million.
Bayan is the phone unit of Benpres Holdings Corp. which will soon be renamed into Lopez Holdings Corp.
In 2009, Bayan also reduced net losses by 35 percent to P505 million from P777 million in 2008.
The Lopez-controlled phone firm reported that revenues last year increased slightly by 5 percent to P6.63 billion from P6.32 billion and achieved a 29-percent Ebitda growth to P2.26 billion in 2009 from P1.76 billion the previous year. This led to P264 million in operating income, from a loss of P222 million in 2008.
In terms of its debt obligations under the rehab plan, Bayan paid a total of P1.42 billion in 2009 for both principal and interest. This brings the company’s total debt-related payments to more than P5.92 billion since the rehab plan was implemented in July 2004
Bayan’s total debt had reached $325 million and is expected to be wiped out by 2023. About 92 percent of its debts are dollar-denominated.
Another affiliate, SkyCable Corp., reported yesterday that it posted a 14-percent growth in revenues for the first quarter of the year driven by higher revenue contribution of its broadband services.
SkyCable recorded a 76-percent growth in broadband subscriptions and an 11-percent increase in prepaid cable subscriptions. BusinessMirror
