Globe Telecom Inc. said Tuesday it borrowed P7 billion from state-run Development Bank of the Philippines to help finance its 2017 capital expenditures.
Globe, the telecom arm of Ayala Corp., said it signed a six-year P7-billion term loan facility with DBP.
“The loan shall be used to finance the company’s capital expenditures and general corporate requirements,” Globe said.
Globe earlier signed an 8-year P7-billion term loan facility with BDO Unibank Inc.
Globe said it expected to spend $750 million this year to expand data-related projects, deploy LTE for mobile and LTE for home, increase network capacities and coverage, modernize fixed-line data infrastructure for corporates and support requirements for transmission facilities.
The company spent $772 million ilast year, when 65 percent was spent for data related requirements.
Globe reported a core profit of P16.01 billion last year, up 6 percent from P15.13 billion in 2015.
Globe’s net income, on the other hand, fell 4 percent to P15.9 billion last year from P16.5 billion in 2015.
Consolidated revenues went up 6 percent to P120 billion in 2016 from P113.7 billion in 2015.
Globe’s mobile revenues slightly grew to P91.9 billion in 2016 from the P91.2 billion in 2015, driven by the continued shift from core voice and texts in favor of data.
Globe’s mobile subscriber base reached 62.8 million as of end-December, up by 12 percent from 56.2 million subscribers reported in 2015.
