Globe predicting 46% rise in profits on back of strong mobile sales

10 May 2004

Globe Telecom president, Gerardo Ablaza, says he expects net profits to rise by 46% in 2004 thanks to the continuing popularity of cellular services. Mr Ablaza expects to have 16 million mobile users by the end of the year, up from 9.1 million as at 31 March, and for net income to reach PHP15 billion (USD269.8 million), up from PHP10.3 billion a year ago. The company reported a massive 55% hike in profits for the first quarter, driven by growth in mobile subscribers.