Globe Telecom’s net income rises to Php 8.7B

By , on August 5, 2015

Globe Telecommunications Building (Wikipedia)
Globe Telecommunications Building (Wikipedia)

MANILA  — Telco giant Globe Telecom on Tuesday said its net income reached Php 8.7 billion in the first half of this year, up by 27 percent from Php 6.8 billion in same period last year.

In a disclosure to the Philippine Stock Exchange, Globe said that its core net income reached Php 8.6 billion, up 14 percent from the Php 7.6 billion posted a year ago.

The telco meanwhile finished the first half with consolidated service revenues of Php 53.8 billion, which was 13 percent higher than the Php 47.7 billion reported in 2015.

The figures, Globe said, was spurred by the “strong subscriber growth for both mobile and broadband, the increasing use of smartphones and other data-enabled devices, and the introduction of new products and services.”

As of end-June, Globe had a total mobile subscriber base of 48.4 million, up 13 percent from 42.7 million subscribers recorded in the same period last year.

The telco spent around Php 11.4 billion in capital expenditures as of the first half of the year to support its subscriber base and its demand for data.

After recently acquiring Bayan Telecommunications Inc. (Bayan), Globe said that it was expecting more expenditures after it underwent rehabilitation.

Globe president and chief executive officer Ernest Cu, in a statement, said that the telco “soared to new record levels” in terms of service revenues, EBITDA, net income and core net income amid competition.

“Once again, our data revenues exceeded our expectations, maintaining its robust double digit growth during the first half of the year,” Cu said.

“Given our topnotch global and local partnerships, backed by our modernized network, we will continue to uphold our leadership in the digital space by creating the best digital lifestyle experience for the Filipinos,” he said.