Globe Telecom Inc. on Friday said net income rose 13 percent in the first half of the year, driven by its broadband business and lower corporate income tax.
The Ayala-led company said net income amounted to P13.08 billion in the January-to-June period from P11.49 billion in the same period last year.
Globe’s core net income stood at P13.2 billion, up 19 percent from P11.1 billion reported in the same period of 2020.
“We are pleased to report strong financial and operating results for the first half of 2021 with healthy balance sheet and cash flows despite the re-imposition of stricter lockdowns during the second quarter,” said Globe president and chief executive Ernest Cu.
Globe’s consolidated service revenues in the first six months of 2021 reached P75.5 billion, up 4 percent from P72.4 billion a year ago, amid the economic challenges the country is facing.
The company said the main growth driver continues to be data, mostly from @Home Broadband owing to the increase in digital activities among Filipinos.
From a product view, mobile data revenues posted P38.6 billion in the first half of the year from P36 billion a year ago.
Home Broadband business soared to all-time high revenues of P14.5 billion, surpassing the figure in same period last year by 16 percent, driven by the greater reliance of Filipinos on the internet and the swiftly evolving digital tools as the COVID-19 situation persists.
Total home broadband subscriber base reached 4.2 million, besting last year’s record by 47 percent due to higher fixed wireless broadband users, now up by 54 percent from last year.
Wired broadband subscriber base grew a solid 22 percent versus last year.
Corporate Data business revenues in the first six months of the year increased 8 percent from P6.3 billion as of end-June 2020, mostly coming from domestic services and information and communication technology.
Cu also said Globe remains on track in building 5G and fiber to help the country achieve a first world network.
“Going forward, we will stay focused on innovation in the areas of fintech, healthcare, education, and e-commerce, among others, to help Filipinos thrive in this pandemic and best position ourselves for the remainder of 2021 and beyond,” he added.
The company is spending P70 billion this year to build more 4G, 5G networks and fiber-to-the-home lines.
Globe invested a record capital expenditure of ₱43.3 billion in the first half of 2021 to improve network infrastructure and internet connectivity.
