PLDT pushes back Voyager turnaround to 2024 - Mobile World Live

PLDT pushes back Voyager turnaround to 2024

19 NOV 2019

PLDT chairman and CEO Manuel Pangilinan doesn’t expect its fintech arm Voyager Innovations to make a profit until 2024, after suffering a loss of PHP1.33 billion ($26.2 million) in the first nine months of 2019.

In March, he predicted the business would turnaround by 2021. The unit posted a loss of PHP3 billion in 2018, up from PHP1.2 billion in 2017.

Pangilinan forecast Voyager Innovations to break even, cash-wise by 2023, “so by 2024 we would see the light of day”, BusinessWorld reported.

PLDT’s digital payments unit PayMaya, which is Voyager Innovations’ core business, posted strong year-on-year growth in the first nine months of the year.

The company raised $215 million in new funding in the final quarter of last year. In November 2018, Voyager Innovations raised $175 million worth of private investments after selling minority stakes to private equity company KKR and Tencent. A month later, it closed a $40 million investment from International Finance Corp and IFC Emerging Asia Fund.

Responding to a question about the possibility of selling more shares in Voyager Innovations, Pangilinan said: “I think there’s an effort to raise funding,” the newspaper wrote.

The Philippines company’s mobile unit Smart Communications had a 43 per cent market share by subscribers at end-September.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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