Globe Telecom books P14.6B profit in 9 months on strong mobile and home broadband usage
Globe Telecom reported a 13 percent jump in the nine months to September to to P14.6 billion, driven by growth in mobile data and higher take-up of its broadband services.
Core net income, which excludes the impact of non-recurring charges, one-time gain, foreign exchange gains and mark-to-market charges, jumped 32 percent to P14.8 billion.
Operating revenues went up 10 percent to P110.78 billion. Of that amount, P79m1 billion came from mobile operations, mostly from Globe prepaid (12%), and mass market brand TM (11%).
Home broadband and the corporate data business likewise grew 15% and 11% year-on-year, respectively, amid sustained high demand for fast and reliable home internet.
?Overall, I am pleased with our third quarter results, and we are optimistic that we can sustain this momentum moving forward,? said Ernest Cu, president and CEO of Globe.
The company spent P32.5 billion or $618 million from January to September to support the growing subscriber base and address its rapidly changing and rising demand for data.
About 78 percent of the total expenditures was for data-related services.
?We are happy that more and more Filipinos will enjoy faster and reliable internet connection as we draw clover to achieving 95 percent LT nationwide coverage. We will remain aggressive wit our next work expansion, said Cu.