Globe's net income up six percent as of end-September

Revenue growth was fueled by data-related services.

File photo: Globe logo

Mobile and corporate data biz account for the majority of service revenues

Major telco player Globe has reported a six percent increase in its net income, reaching PHP 20.6 billion as of the first nine months of the year.

Service revenue, meanwhile, was up two percent to PHP 124.01 billion despite the ongoing normalization of home broadband and the impact of the ECPay deconsolidation.

The company said mobile and corporate data businesses contributed to this performance, accounting for a combined 83 percent of the total consolidated gross service revenues. Mobile revenues rose 5 percent, and corporate data revenues grew 14 percent from last year.

Home broadband revenues, meanwhile, declined 6 percent due to the reduction in fixed wireless services as consumers continued to move away from this technology into fiber products. This shift fueled fiber revenues, with a 2 percent year-on-year increase driven by strong demand for high-speed connectivity, which partially compensated for the overall softness in-home broadband revenues.

So far, Globe's total home broadband subscriber base has decreased by 3 percent from 1.75 million in the previous year to nearly 1.70 million. Additionally, HPW data traffic also dropped from 232 petabytes to 153 petabytes in the same period.

As for its fintech arm Mynt, the telco's equity earnings increased to PHP 3.5 billion, representing a 14 percent contribution to Globe's pre-tax net income, compared to 6 percent in the previous year.

By the end of September 2024, Globe had built 684 new cell sites and upgraded 2,723 existing mobile sites to LTE technology. It has also deployed 55,076 fiber-to-the-home (FTTH) lines to strengthen its fiber infrastructure.

Globe has also expanded its 5G outdoor coverage by deploying 378 new 5G sites in across the country. In the National Capital Region, the 5G coverage has reached 98.51 percent and 94.91 percentin key cities in Visayas and Mindanao regions, respectively.

This expansion resulted in approximately 106 towns now having access to 5G. Furthermore, Globe expanded its global presence by forging 5G partnerships with 133 inbound and 161 outbound global partners in 86 destinations.

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Source: Globe