Globe touts record profit in H1

Staff writer
Future TV Asia

Globe Telecom reported an all-time-high net income of P8.7 billion (about $195 million), 27% better than the figure reported in the same period last year.

Globe said the achievement was made despite the increase in normal course depreciation expenses and higher non-operating charges recognized during the first semester.

Also, Globe reported a 13% year-over-year growth in consolidated revenues for the first half of 2015, which reached a record-level P53.8 billion or about $1.2 billion.

The growth was attributed to the strength of revenue gains on mobile data and broadband, driven by the increasing use of smartphones and other data-enabled devices, and the introduction of new products and services.

On a sequential basis, Globe said posted its highest-ever consolidated service revenues of P27.6 billion ($620 million) for the second quarter of the year, rising 5% over the first quarter.

"We remain confident that we can sustain this growth momentum going forward as Globe is now well-positioned and well-equipped more than ever to offer the best products and services to cater to the market's growing demand for quality digital content," said Ernest L Cu, president and CEO of Globe Telecom.

Globe spent around P11.4 billion ($256 million) in capital expenditures as of the first half of the year to support the growing subscriber base and its demand for data.

To date, Globe has a total of 26,874 base stations, with over 16,900 for 4G, to support the service requirements of its subscribers.

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