Globe says Bayantel unit expected to report a profit in FY2016

24 Feb 2016

Filipino operator Globe Telecom has revealed that its recently purchased Bayan Telecommunications (Bayantel) subsidiary will most likely return to the black in FY2016, after successfully exiting corporate rehabilitation last year. The Standard newspaper quotes Globe treasurer Rizza Maniego-Eala as saying that the parent group expects Bayantel to post a net income this year, rebounding from a net loss of PHP165 million (USD3.47 million) in FY2015. The unit reported service revenues of PHP3.17 billion in FY2015, of which PHP1.39 billion was derived from its fixed line telephony business and PHP1.35 from broadband. Bayantel had 156,336 broadband subscribers as of end-2015. Globe received the resolution from rehabilitation court granting its motion for the termination of rehabilitation proceedings involving Bayan in November 2015; it owns a 98.57% stake in Bayantel after it acquired the remaining stake of the Lopez family in the telco for PHP1.83 billion.

Philippines, Bayan Telecommunications (Bayantel), Globe Telecom (incl. Innove)