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Globe Telecom posts P5.7 billion core net income in 1st Half of 2012

Globe Telecom's strong momentum was sustained through the first half of the year. Core net income grew by 2% to P5.7 billion.
However, considering the increase in operating expenses and the impact of the accelerated depreciation arising from its network modernization program, reported net income declined by 10% to P4.9 billion.

Top-line growth remained strong with service revenues reaching an all-time high of P40.8 billion, 6% higher than same period last year.

This was driven by record mobile revenues which rose by 6% to P33.3 billion. Postpaid revenues, which now account for a third of increased by 13% to P4.1 billion driven by a 22% expansion in subscriber base.

The strong growth in broadband and mobile revenues as well as fixed line data revenues cushioned the decline in fixed line voice revenues.

Globe's total mobile subscriber base expanded by 12% during the period to 31.7 million while broadband subs grew by 22% with quarterly gorss adds hitting an all-time high.

Globe's network modernization program is on track to hit its year-end target. Modernization of over 40 of its network equipment located in various cell sites all over the country is complete with prioritization for key areas such as metro Davao and Cebu.

The next phase includes Metro Manila and other key areas which will result in significant improvements in service quality once completed.
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"Globe Telecom posts P5.7 billion core net income in 1st Half of 2012" was written by Mary under the Business category. It has been read 1582 times and generated 0 comments. The article was created on and updated on 10 August 2012.
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