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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