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Globe earnings up 48% in 9 months

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Globe Telecom Inc. reported a 48 percent increase in net income to P26.5 billion in the first nine months this year versus same period last year while consolidated service revenues hit P118 billion, up three percent year-on-year.

Globe said the huge jump in net income was due to one-time gains from the sale of its tower assets while the slight increase in consolidated service revenues was attributed to rising data usage plus growth in its non-telco business.

“We believe that our decision to pivot and expand our growth opportunities through non-telco services has paved the way for us to remain relevant and competitive,” Cu said. From a product view, mobile data revenues grew 8 percent to ₱62.5 billion in the first nine months of the year. This was mainly due to the strong traction from information and communication technology services which grew 96 percent year-on-year.

Globe’s total operating expenses, including subsidy, stood at ₱57.6 billion for the first nine months of 2022, or flat year-on-year. Globe’s balance sheet remained healthy and gearing comfortably within bank covenants despite the increase in debt from ₱210.1 billion as of end-December 2021 to ₱248.4 billion this period.

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