Wireless gains boost Globe’s bottom line

29 Jan 2004

Filipino fixed and mobile operator Globe Telecom has reported a 50% rise in annual net profits on the back of sustained growth of its wireless customer base. The company said unaudited net income reached PLP10.3 billion in 2003, up from PLP6.9 billion the previous year, helped by the addition of 2.3 million new mobile customers to take its total to 8.9 million. Globe, which is majority owned by Singapore Telecom and Ayala Corporation, has earmarked USD350 million for capital expenditure in 2004.