9 Aug 2012
Globe Telecom of the Philippines says that its broadband revenues rose 13% year-on-year to PHP4.1 billion (USD98.4 million) in the first six months of this year, as demand for social networking and lower prices for tablets, PCs and laptops, enticed more Filipinos to sign up to its services. The telco closed out June with almost 1.6 million broadband connections, up 22% from 1.3 million a year earlier, with Globe noting that growth over the past five years has averaged around 100% per annum (subscribers) and 84% a year in terms of service revenue. Globe president and CEO Ernest L Cu said of the strong performance: ‘While we expect competitive and market pressures to intensify, we are confident that we can build further on our momentum as we head into the second half of the year.’
As reported by TeleGeography’s CommsUpdate earlier this week, Globe reported total net profit of PHP2.26 billion 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.