May 07, 2013

Globe core income up 13% in Q1

Globe Telecom Inc.’s core income jumped 13% to P3.086 B in the first quarter of the year from P2.74 B in the same quarter last year. The company booked a 76% drop in net income in the first quarter of the year on the back of higher expenses for its $700-M network upgrade and transformation program. Net income amounted to P656 M from January to March this year or P2.045 B lower than the P2.701 B booked in the same period last year.

Consolidated service revenues climbed 6% to P21.368 B. Revenues from its mobile business amounted to P17.8 B, followed by its broadband with P2.48 B. In terms of growth, service revenues were led by broadband business with 23%, followed by fixed line data with 11%, and mobile with 3%. Its fixed line voice business booked a 2% decline in revenues. - WealthSec