Globe first half income up 21%

August 8, 2018

Globe Telecom Inc. said net income rose by 21 percent in the first half mostly due to higher revenues from mobile and broadband businesses.

It said net profit amounted to P9.78 billion in the January to June period from P8.08 billion in the same period in 2017.

Globe’s core net profit grew by 25 percent to P9.98 billion from P7.97 billion last year.

Consolidated service revenues reached P73.6 billion in the first half of 2018, up 11 percent from P66.54 billion in the same period last year.

“We are encouraged by the positive business momentum in the first half of 2018.  These results validate our strategy in driving the digital lifestyle of our customers, and reaffirm our status as the country’s leader in mobile. Our efforts to modernize further our network play a critical role in our company’s performance.  We believe we are well positioned to compete in this highly challenging market going forward,” Ernest Cu, president and chief executive of Globe said.

Globe’s mobile revenues reached P51.3 billion from January to June. Mobile data service revenues generated a total of P24.7 billion in the first half as video viewing drives high mobile data consumption.

Mobile SMS and mobile voice revenues, on the other hand, posted P11.2 billion and P15.3 billion, respectively.

Globe’s mobile subscriber base totaled 65.1 million as of end-June 2018, up 9 percent  from the 59.7 million subscribers in the same period last year. DMS