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Digitel 2010 net profit up 65% driven by subscriber gains

24 Mar 2011

Filipino telecoms group Digitel Telecommunications Philippines Inc reported a sharp, 65% year-on-year rise in net profits in FY2010 to PHP429.6 million (USD9.9 million) from PHP259.7 million previously, fuelled by significant growth in its wireless subscriber base. Gokongwei-led Digitel bucked an industry trend in the country of decline that has seen its larger rivals posting lower earnings for 2010. Digitel, which operates the Sun Cellular mobile network, said consolidated revenue increased 18% y-o-y to PHP16.54 billion, as the mobile base swelled 27.1% to around 15 million. The company said its plan to introduce ‘more affordable and innovative products’ helped drive the growth.

On the downside, Digitel’s wireline operation saw a 9.7% fall in revenues as a result of lower international and domestic tolls and forex movements, it said. The drop was partially offset by growth of Suntel and ADSL products, which registered a 17% increase over the same period. Digitel said FY2010 wireline broadband service revenue reached PHP475.28 million, a 10.2% increase on the PHP431.1 million it booked in 2009, largely attributed to a rise in domestic data and internet services.

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