Globe Telecom posts P18-billion net income for first 9 months of 2021

ABS-CBN News

Posted at Nov 12 2021 11:59 AM

MANILA - Globe Telecom said Friday its consolidated net income grew 13 percent to P18 billion for the first 9 months of the year from P15.9 billion in the same period last year due to improved performance of its fixed and wireless businesses and the impact of the CREATE law.

Core net income grew 17 percent to P18.3 billion from P15.6 billion in 2020, the telco said in a disclosure to the stock exchange.

Consolidated service revenue reached P113.6 billion for the first 9 months, up 4 percent from the same comparable period, Globe said. Third quarter revenue was at P38.1 billion, it said. 

For the period, it installed over 1 million fiber-to-the-home lines, surpassing its target. For the full year, it expects to roll out 1.4 million FTTH lines, it said.

As part of its aggressive expansion drive, Globe also said it built 1,080 new cell sites within the period. It registered a "record-level" capital expenditure of P65.4 billion for the period, surpassing the total P60.3 billion last year.

Mobile data revenues reached P57.9 billion for the first 9 months from P53.7 billion a year ago as mobile data traffic surged to 2,730 petabytes from 1,762 petabytes in the same period last year, the telco said.

Meanwhile, home broadband revenues hit P22.4 billion for the period, up 15 percent compared to last year mainly due to pandemic-driven demand, it said.

"The rising data consumption and broadband usage in the country remain the biggest driver for this period's improved topline," the telco said. 

Globe said it is also offering digital solutions focused on high-growth areas such as fintech, healthtech, AdTech and e-commerce, among others.

"We believe that our strategy to use the telco business as a platform to become a digital solutions group... will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space," its president Ernest Cu said.

Mynt, which operates GCash, recently achieved a double unicorn status following its recent round of funding. Globe said Mynt is the only Philippine startup included in Credit Suisse's Southeast Asia 35 Unicorns list.

RELATED VIDEO:

Watch more News on iWantTFC