Globe Telecom says net income up 11 percent in Q1, cites 'very good' network conditions

ABS-CBN News

Posted at May 07 2021 04:22 PM

MANILA – Globe Telecom said Friday its net income for the first quarter of 2021 hit P7.3 billion or higher by 11 percent compared to the same period last year as it professes its “unwavering” commitment to serve consumers during the pandemic. 

Consolidated revenues reached P37.8 billion for the first three months of the year, which is 3 percent higher compared to P36.9 billion in the same comparable period, the Ayala-led telco said in a virtual press briefing. Data was also disclosed to the stock exchange.

Mobile data revenues reached P19.2 billion for Q1 from P18.5 billion in the same period last year, it said. Revenues of home broadband, meanwhile, soared 27 percent to P7.4 billion, it added.

The telco said it has built a total of 318 new cell towers as of the end of March, 152 percent higher compared to the same period the year before.

“Despite the resurgence of COVID-19 cases in the country and the lingering uncertainties from the pandemic, we are encouraged by the improvements in Globe’s first quarter results. Looking ahead, we believe that Globe is well-positioned to provide more digital solutions and innovative offers to make our services more relevant to our valued customers, especially during this time of crisis,” Globe Telecom president and CEO Ernest Cu said.

"Our network is in very good shape. It's doing very well for our subscribers that's why you're seeing an uplift in our performance in the first quarter," he added.

Globe said it has spent P19.1 billion of its capital expenditure in the quarter, which mostly went to data-related requirements to support the growing demand, exceeding last year’s spending by 79 percent.

When pressed for comments on the entry of the third telco DITO, Cu said “we’ll see what will happen” since the third telco has just started its operations in March. 

The pandemic pushed the demand for both wireless and fixed internet in the Philippines during the pandemic. 

Globe Telecom, PLDT Inc, even DITO have all been aggressively building and expanding infrastructure to contribute to the common goal of bringing improved connectivity to the people.

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