Philippine Long Distance Telephone Company (PLDT), the country's biggest telco by market valuable, has reported a sharper-than-expected 11% decline in net income for the second quarter, blaming the drop in part on saturation in the domestic mobile market which is generating increasingly fierce price competition to the detriment of its profit margins. The carrier, which is owned by Hong Kong's First Pacific Company Ltd, and Japanese telcos NTT Communications and NTT DoCoMo, booked net profit of PHP9.40 billion (USD225 million) in April-June 2012, down from PHP10.60 billion in the corresponding year-earlier period.
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OVETEL PLDT’s bottom line weighed down by competition in Q2
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