The company said it was seeking to further expand its broadband services as the cost of smartphones continue to fall locally.
PLDT also said its board of directors approved a P6-billion ($142 million) investment by its ePLDT unit in its sister firms, TV and radio network TV5 and direct-to-home pay-TV operator Cignal TV.
"The financial investment in media is important and expected to create value over a longer time frame, but is one that is necessary for our growth and transformation," PLDT Chairman Manuel Pangilinan said in a statement.
"We are beginning to see early signs of stability as we follow through on the integration of Digitel," Napoleon Nazareno, company president, said in the same statement.
"We expect a gradual improvement in product yields and overall profitability from the ongoing rationalization on both services and brands front," he said.
PLDT, owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo, said net income was P10.1 billion in the first three months compared with P10.7 billion a year earlier.
Core net profit, which excludes currency and derivatives-related items, fell 12 percent to P9.3 billion.
PLDT said it was keeping its 2012 core net profit guidance of P37 billion, down 5 percent from last year, despite the first-quarter results.
Analysts expect full-year net profit to fall 2 percent to P38.1 billion, according to consensus estimates by Thomson Reuters I/B/E/S.
Service revenues climbed 13 percent to P42.8 billion in the first quarter. Wireless service revenues rose 15 percent from a year ago, and would have fallen 4 percent if not for Digitel's contribution, the company said.
Shares of PLDT fell 0.6 percent at the end of morning trade, compared with the 0.2 percent decline in the broader market, The stock has risen nearly 1 percent this year, underperforming the 21 percent surge by the main index. (Reuters)