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Globe Telecom sees four-fold increase in profits in Q1

13 May 2014

Ayala-led Globe Telecom has reported a four-fold increase in net profits for the first three months of this year to PHP2.95 billion (USD67.6 million), up from PHP660 million in the same quarter of 2013, as core profit increased by 9% to PHP3.40 billion on the back of surging demand across all business segments. The operator said consolidated service revenue also expanded by 9% year-on-year, to PHP23.20 billion, attributed in the main to subscriber gains for both mobile and broadband customers. Commenting on the strong quarterly results, Globe president and CEO Ernest Cu said: ‘We are pleased with our performance in the first quarter, as top-line growth momentum was sustained. We have also seen encouraging improvements in mobile browsing in terms of activity and number of users as a result of the successful Free Facebook promotion, and we hope to see continuous growth in mobile internet adoption among our customers moving forward.’

Last month, TeleGeography’s CommsUpdate reported that Globe is committing 25% of its PHP27 billion CAPEX for this year on 3G/4G expansions and upgrades. The firm is optimising its 3G and 4G networks for maximum performance, while building more sites and improving its transport system to boost capacity.

Philippines, Globe Telecom (incl. Innove)

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