Globe Telecom Inc. said Friday its net income grew 6 percent to P20.6 billion in the first nine months of 2024 from P19.4 billion in the same period last year.
Excluding the one-time gain from tower sale, the telecom unit of the Ayala Group said its normalized net income would have stood at P17.8 billion, or up by 20 percent from a year earlier.
It said that excluding the impact of non-recurring charges, foreign exchange and mark-to-market charges, Globe’s core net income expanded by 19 percent year-on-year to P17.6 billion in the nine-month period.
Globe said that on a comparable basis, assuming that ECPay had been deconsolidated from Globe’s books in the first nine months of 2023, core net income would have grown by 22 percent.
“Our unwavering resilience and agility have propelled us forward, leading us to extraordinary accomplishments. The robustness of our business model is evident in the impressive EBITDA [earnings before, interest, tax, depreciation and amortization] we’ve achieved, along with a notable increase in Core NIAT [net income after tax] during the first nine months of the year,” said Globe president and chief executive Ernest Cu.
“With our country’s digital economy poised for expansive growth, Globe is committed to empowering Filipinos across all economic segments. Our focus remains on unlocking value as a hyper-focused digital company, winning customers through network improvement and digital innovations while strengthening our core telco business,” he said.
Globe posted consolidated gross service revenues of P124 billion, up by 2 percent year-on-year.
The company’s mobile business posted a record P87.7 billion in revenues, surpassing its previous peak of P83.2 billion reported a year ago.
Its corporate data business also achieved a record P15.5 billion in revenues, up 14 percent year-on-year.
Home broadband revenues went down by 6 percent year-on-year to P17.9 billion. Globe blamed the decrease to the reduction in fixed wireless services as consumers continued to move away from the technology into fiber products.
The total home broadband subscriber base decreased by 3 percent from 1.75 million in the previous year to nearly 1.70 million.
