Globe reports 9.7% fall in Q2 profit

The Philippines’ second largest telecom services provider by revenue, Globe Telecom, has reported net profit of PHP2.26 billion (USD54.2 million) for the three months ended 30 June 2012, down 9.7% year-on-year from PHP2.51 billion in the same period a year earlier. The telco said that growth of group revenue, which increased 4.8% year-on-year to PHP21.33 billion, failed to keep pace with rising costs which rose 8.1% to PHP12.33 billion. For the first six months of this year, Globe booked net profit of PHP4.97 billion, down from PHP5.50 billion in 1H11, on revenues of PHP42.79 billion (+6%), EBITDA of PHP17.68 billion (down from PHP18.04 billion) and core income of PHP5.67 billion (PHP5.57 billion). Globe closed out 30 June 2012 with 31.7 million mobile phone subscribers, up from 28.4 million the year before.