Globe books 22% drop in 2010 net profit

9 Feb 2011

The Philippines’ second largest telecommunications group Globe Telecom, which is owned by local conglomerate Ayala Corp and Singapore Telecommunications has reported net income of PHP9.75 billion (USD225.2 million) for 2010, down 22% from PHP12.57 billion a year earlier, and below market expectations of net income of PHP10.20 billion. Core net income (which strips out foreign exchange, mark-to-market charges and non-recurring items) declined to PHP9.08 billion from PHP12.00 billion previously, on revenues of PHP62.03 billion (down from PHP62.44 billion). On a positive note, the company said its net profit in the fourth quarter of 2010 was PHP2.3 billion, higher than consensus forecast of PHP2.2 billion. The Q4 gains were attributed to the addition of more cellular phone customers, it said.

Philippines, Globe Telecom (incl. Innove)