	philippine telephone firm plans stock split the philippine long distance telephone co pldt mn is planning a two for one stock split and a pct stock dividend later this year to reduce excess market buoyancy vice president sennen lazo told reuters lazo said the stock split would reduce the par value of the company s common stock from to five pesos he said the stock split would apply to holders of about mln common shares of stock on the record date of september the exercise should make our stock more marketable lazo said now it is beyond the reach of many small investors pldt common stock surged from a low of pesos in february to at close of trading yesterday on the manila stock exchange lazo said the pct stock dividend payable on october would also apply to stockholders on record as of september pldt reported net income of billion pesos up pct from mln pesos in on operating revenues of six billion pesos up from billion pesos in at end december the company had stockholders a pldt spokesman said the company s profits are likely to be substantial since the government raised its franchise tax to three pct from two and to impose a pct corporate income tax from which it was previously exempt the government has not so far ordered the implementation of the tax decision pldt is the largest of telephone companies in the philippines on december the company had telephones in operation representing pct of all instruments in the country in manila item philippine telephone firm plans stock split please read in page first para the company s profits are likely to be substantially cut inserting dropped word this replaces the company s profits are likely to be substantial 
