Globe Telecom Inc. on Wednesday reported a 1-percent year-on-year income growth to P14.5 billion in the first half of 2024 amid economic challenges.
The company said excluding a one-time gain from tower sales, normalized net income rose 19 percent to P11.9 billion. Excluding non-recurring items, foreign exchange fluctuations and mark-to-market adjustments, Globe’s core net income went up by 18 percent to P11.7 billion.
“We are happy that our financial performance for the first half of the year remained robust. Our EBITDA [earnings before interest, tax, depreciation and amortization] margin held steady at 52 percent, while Core NIAT grew by an impressive 21 percent, demonstrating our consistent growth and unwavering resilience amidst economic headwinds,” said Globe president and chief executive Ernest Cu.
“We are also thrilled that our landmark tower deal is nearing completion, with 88 percent of the covered towers successfully transferred to the towercos as of July, and we are on track to complete this transaction within the second half of the year. This strategic move will not only enhance our ability to fulfil the changing connectivity needs of our valued customers but also solidify our position as an industry leader,” he said.
