Globe income up 18% to P12 B in H1

MANILA, Philippines — Ayala-led Globe Telecom Inc. earned nearly a fifth more in the first half this year due to sustained revenue growth, the company said in a disclosure to the Philippine Stock Exchange.

Core net income stood at P12 billion in the first semester, up 18 percent from P10.2 billion in the same period last year, Globe said.

The telco ended the first half with consolidated service revenues of P72.9 billion, 13 percent higher year-on-year, on the back of the sustained growth across all data-related products and services.

Globe’s total data revenues now account for 70 percent of total service revenues, compared to 58 percent in the same period last year, as the company continues to reap the benefits of its modernized 4G/LTE network rollout.

“We are pleased with the company’s robust performance and that we are on track with our strategic objectives for this year. We will continue to invest in our 4G and LTE network to enhance the customer experience and reinforce our competitive advantage moving forward,” Globe president and chief executive officer Ernest Cu said.

Mobile revenues stood at P54.6 billion, with its growth attributed to the company’s prepaid brands.

Globe’s total mobile subscriber base has reached 92.9 million as of end-June, up 11 percent from end-March.

The company’s mobile data revenues in the first half reached P34 billion, while home broadband revenues registered at P10.6 billion.

Globe said mobile data revenue growth was fueled by the sustained increase in data usage brought about by the popularity of online gaming, streaming and on-demand video content.

Meanwhile, continued subscriber expansion in fixed wireless solutions, supported by the increasing popularity of Home Prepaid WiFi, drove the jump in home broadband revenues.