Globe posts P19.7-B net income in first half on back of record high revenues

ABS-CBN News

Posted at Aug 12 2022 02:36 PM

MANILA - Globe Telecom on Friday said it posted a net income of P19.7 billion in the first half of 2022, higher by 51 percent, on back of record revenues for the period.

Service revenues in the second quarter and the first half were both all-time highs at P39.7 billion and P78.9 billion, respectively, the Ayala-led telco said in a disclosure to the stock exchange. 

Mobile revenues reached P27.2 billion in the second quarter, which is the fourth higher to date and is also back to the pre-pandemic level.

Total mobile business revenues reached P54 billion from P52.6 billion in the first half largely from prepaid brands that benefitted from consumer mobility as COVID-19 restrictions ease, it said.

Globe said it total mobile consumer base expanded to 87.4 million.

Home broadband revenues meanwhile dipped to P13.8 billion from P14.5 billion in the first half due to the migration of broadband subscribers base to fiber, the telco said. 

It said fiber and subscriber revenues rose 102 and 135 percent respectively. As of the end of June Globe said it has installed over 1 million FTTH lines and has offered free migration to customers. 

Its mobile wallet GCash now has 66 million registered users and about P3 trillion in gross transaction value which it aims to grow to P6 trillion this year, Mynt president and CEO Martha Sazon said. 

The e-wallet's crypto feature will also be activated as early as this month, Sazon added.

Globe Group's non-telco businesses are also showing rapid growth pace with revenues hitting P1.9 billion in the first half, up 118 percent compared to last year. 

For the first half, Globe said it has built 572 new cell towers and installed 933 new 5G sites. It said it is on track to meet its target of building 1,700 new sites this year. It closed the semester with a P50.5 billion in capital expenditure or P57 percent of its P89 billion total capex earmarked for the year. 

The telco also announced Friday what could be the country's largest sale and leaseback tower sale consisting of over 7,000 towers.

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