Globe Telecom reports 9% rise in core net income in 9M13

28 Nov 2013

Filipino communications service provider Globe Telecom reported core net profit of PHP9.5 billion (USD217.6 million) for the first nine months of this year, a 9% improvement on the corresponding year-earlier period, driven by sharp uptake of post-paid mobile services following an extensive network modernisation programme. 9M13 revenue climbed 10% year-on-year to PHP67.3 billion, as turnover from mobile services rose 8% to PHP54.1 billion from PHP49.9 billion, with post-paid users surging 20%. Broadband revenue increased 22% y-o-y to PHP7.8 billion, as the high speed internet user base expanded 15% to 1.9 million – including both wired and wireless broadband customers. Consolidated earnings before income tax, depreciation and amortisation (EBITDA) increased by over PHP1.1 billion to PHP28.3 billion from PHP27.2 billion. Consolidated net income was PHP3.5 billion.

Commenting on the results, Globe Telecom CEO Ernest L Cu said: ‘Our third quarter results showed that the company’s growth momentum is still intact and that we competed well despite the complexity of our ongoing transformation projects’. As at 30 September the telco’s total mobile subscriber base was up 14% to 36.5 million.

Philippines, Globe Telecom (incl. Innove)