Globe profit in Jan-June down to PHP 10 billion

Globe Telecom reported that its net income in the January to June period declined by 27 percent to PHP 10 billion.

File photo: Globe Telecom logo

Globe's earnings in H1

It said, however, that the drop in earnings was only due to the one-time gains the group booked in the same period last year.

Consolidated service revenues, on the other hand, slightly went up by 2 percent to PHP 80.4 billion, driven by its mobile and corporate data businesses.

For its president and CEO Ernest Cu, Globe "continues to perform well" despite persistent macroeconomic challenges.

We were consistent in delivering revenue growth on our mobile and corporate data businesses. More notable, we outperformed the industry with the upbeat growth trajectory of our digital solutions platforms. We are confident that Globe will maintain its leadership in mobile going forward. The company is also well-positioned to adapt to the industry’s changing landscape and take first mover advantage with its innovative digital solutions that deliver life-enabling services to Filipinos, he said.

In the first half, Globe said it spent PHP 37.7 billion, the bulk of which was invested in fata requirements.

Following the SIM registration deadline, Globe managed to register 54 million subscribers, a slash from its more than 80 million user base.

First of all, on the 80 million SIMs, we never expected to register 80 million SIMs. But we've always stated that we want to register as much or close to 100 percent of our active subs or our loading subs. And we’ve managed to do that because at 54 million subs, our revenues were not affected. So we're very pleased with that, Cu said.

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