Globe books 13% increase in first-half profits

Filipino number two operator by subscribers Globe Telecom has released its financial results for the six months ended 30 June 2013, showing a 13% rise in net profit to PHP6.4 billion (USD147.35 million), compared to the PHP5.7 billion figure booked in the first half of 2012. In a press announcement yesterday, Globe president and CEO Ernest Cu said he was pleased with the firm’s performance, despite the impact of the ongoing network and IT (information technology) modernisation initiatives that are currently underway. The company posted consolidated revenues of PHP44.5 billion in H1 2013, up 9% from the PHP40.8 billion it recorded in the first half of 2012. Revenues from mobile operations stood at PHP35.8 billion, PHP2.6 billion higher year-on-year, while broadband revenues reached PHP5.1 billion in the first six months of this year, it said. Globe’s total subscriber base, meanwhile, reached 36.1 million in the first half of the year, 14% higher year-on-year.