Globe 9-month net income in 2019 soars by 20% to P17.7 billion

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MANILA, Philippines – Globe Telecom closed the 1st 9 months of 2019 with a double-digit bottom line on the back of more subscribers and higher customer internet usage.

On Thursday, November 7, Globe reported a net income of P17.7 billion from January to September, 20% higher than in the same period a year ago. Core net income also recorded a 20% growth to P17.9 billion.

Consolidated service revenues for the period reached P110.6 billion, 13% higher year-on-year, fueled by strong growth across all data-related products and services.

"We are happy that the sustained topline and profit growths we have achieved over the past 3 quarters have positioned us well as we head into the 4th quarter," Globe president and chief executive officer Ernest Cu said.

"We are likewise excited that, as we gear up for the rollout of our At Home Air Fiber 5G service, we are shaping the future of the nation and solidifying our leadership role in providing fast and reliable internet in the markets we serve," he added.

Mobile revenues for the 1st 9 months of the year reached P83 billion, besting the P73.7 billion that Globe reported in the same period in 2018. It is the top contributor, accounting for 75% of the total service revenues.

The Ayala-led company spent nearly P32 billion during the period, with 75% of the total expenditures allocated for data-related requirements.

Mobile data traffic reached 1,200 petabytes during the period, from 641 petabytes.

Mobile voice (P18.5 billion) and mobile text messaging (P12.3 billion) revenues were lower by 15% and 22% respectively, as consumers are shifting to data services.

Globe's mobile subscriber base stood at 97.4 million, 5% higher than in the 2nd quarter. – Rappler.com

Source From:https://www.rappler.com/business/244407-globe-telecom-earnings-report-january-september-2019

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