Globe third quarter profits up 59% on forex gains

7 Nov 2006

Filipino telecoms operator Globe Telecom has reported a 59% rise in profits year-on-year in its third quarter ended 30 September 2006. The company, which is owned by Singapore Telecommunications (SingTel) and local conglomerate Ayala Corp, said its performance was boosted by foreign exchange gains from a strong peso. The company posted net profits of PHP3.6 billion (USD72 million) in the period under review and said its core net income was 35% higher than a year ago. Globe Telecom expects to post full year net income of PHP12.14 billion, up 18% year-on-year, based on Reuters estimates.

Philippines, Globe Telecom (incl. Innove)