Globe Telecom Q2 net profit down by 35%

Reuters

Posted at Aug 03 2010 05:34 PM | Updated as of Aug 04 2010 02:39 AM

 

 

MANILA, Philippines  - Globe Telecom Inc. said its  second quarter net profit declined by 35% from  a year ago to P2.11 billion.

The country's second-biggest telecommunications firm, is owned by local conglomerate Ayala Corp. and Singapore Telecommunications Ltd.

Globe said in a statement on Tuesday that its mobile phone subscribers reached 24.6 million at the end of June from 23.9 million at the end of the first quarter.

Core net income which excludes foreign exchange, mark-to-market charges and non-recurring items, slipped by 26% to P2.39 billion from P3.23 billion during the same period last year.

The company's service revenue for the second quarter also went down to P15.5 billion from P15.73 billion in the previous year.

 

Shares of Globe Telelecom edged down by 0.3% to P879 a piece on Tuesday.