MANILA -- Globe Telecom said Tuesday its net income rose 22 percent to P18.4 billion in 2018, as it prepared to increase capital spending this year with the looming entry of a third player.
The Ayala-led carrier's capital expenditures for 2019 was set at P63 billion, compared to P43.3 billion in 2018. It told he stock exchange that it would address "robust" data traffic growth and a growing customer base.
Mislatel, composed of China Telecom and businessman Dennis Uy has secured rights to use telecommunication frequencies and challenge the dominance of Globe and chief rival PLDT Inc.
Consolidated service revenues totaled P132.9 billion in 2018, up 10 percent from the previous year, driven by data-related services across all business segments, Globe said.
Globe has 74.1 million mobile subscribers and 1.6 million home broadband subscribers as of December 2018.