Globe Telecom’s income rose 13% to P18b in three quarters
GLOBE Telecom Inc. said Friday net income grew 13 percent in the first nine months as revenues returned to prepandemic levels amid the economic and public mobility challenges.
The telecom unit of Ayala Corp. said net income amounted to P18 billion from January to September, up from the P15.9-billion profit it booked in the same period last year.
Core net income reached P18.3 billion, up 17 percent from P15.6 billion last year.
“We are happy to report a resurgent business performance in the third quarter, with the topline now back to prepandemic levels, despite the continued economic and public mobility challenges, and competitive industry environment,” Globe president and chief executive Ernest Cu said.
“Buoyed by the success of Mynt’s latest funding round and achieving double unicorn status, we believe that our strategy to use the telco business as a platform to become a digital solutions group by exploring adjacencies in highgrowth areas such as fintech, healthtech, adtech and ecommerce, among others, will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space,” he said.
Consolidated service revenues amounted to P113.6 billion, beating last year’s revenues by 4 percent and 3 percent higher than in the same period in 2019 prior to the pandemic.
Globe’s service revenues reached P38.1 billion in the third quarter, breaching the P38-billion quarterly revenue level since the fourth quarter of 2019.
Globe said the rising data consumption and broadband usage in the country remained the biggest driver for this period’s improved topline.
Home Broadband business posted a record P22.4 billion in revenues, up 15 percent from the same period last year.
Mobile revenues went up 1 percent to P78.36 billion, while corporate data earnings amounted to P9.4 billion, up 11 percent from last year.
Globe’s network rollout since January resulted in another record capital expenditure of P65.4 billion, surpassing last year’s full year investment of P60.3 billion.
Globe’s capex for this year was programmed at P76 billion. About 84 percent of the capex in the first nine months went to data network builds to help boost mobile and internet for subscribers.