Bayan buy helps Globe Q1 profit grow 3%

06 May 2016

The Philippines' Globe Telecom grew its post-tax profit for the first quarter by 3% to 4.33 billion pesos ($91.4 million) on the back of a 14% increase in consolidated revenue.

Gross service revenues grew to 29.9 billion pesos, with mobile revenues increasing 7% year-on-year to 23.1 billion pesos due to strong prepaid growth.

Home broadband and corporate data revenue meanwhile both grew 51% year-on-year on the back of continued subscriber growth, with fixed line voice increasing 33%.

Excluding the contribution of Bayan Telecommunications, which was acquired by Globe last year and integrated into the business in July, service revenues would have growth 9% to 28.5 billion pesos, but net profit would have dipped 1%.

Globe's subsidy and operating expenses were reduced by 12% sequentially to 16.8 billion pesos, and would have declined 16% when excluding the impact of Bayan.

Globe reported net subscriber additions of over 1 million in the first quarter, but this was down 53% year-on-year and 65% from the previous quarter. Mobile subscribers increased 18% year-on-year to 57.3 million, but postpaid subscribers declined by 1% from the previous quarter.

Postpaid ARPU fell 2% year-on-year to 1,099 pesos, prepaid ARPU was down 9% to 116 pesos and Touch Mobile (TM) ARPU shrank 12% to 65 pesos.

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