Globe Telecom Inc. said Wednesday its first-half net income fell 14 percent year-on-year on higher depreciation and interest expenses.
The telecom arm of the Ayala Group reported a net profit of P12.4 billion for the January-June period, down from P14.5 billion in the same period last year.
The results included a P2.6-billion gross gain from the disposal of shares following MUFG’s acquisition of an 8-percent stake in its fintech affiliate Mynt.
These gains helped offset the impact of higher depreciation, interest expenses and other non-operating charges.
Excluding one-off items, normalized net income was P10 billion, a 16-percent decrease year-on-year. Core net income, which excludes non-recurring items like the Mynt disposal gains and foreign exchange adjustments, was P10.4 billion, down 11 percent from P11.7 billion a year earlier.
Core earnings for the second quarter, however, rose 30 percent sequentially to P5.9 billion from P4.5 billion in the first quarter.
“Our second quarter performance underscores the growing impact of our cost and operational efficiency efforts,” Globe Telecom president and chief executive Carl Raymond Cruz said in a statement.
“The sequential growth in revenues, core net income, stable margins and rising contributions from Mynt reflect not just financial discipline but the operational strength of our entire organization,” he said.
The company’s consolidated gross service revenues went down 2 percent to P80.18 billion from P82.22 billion a year earlier.
Mobile business revenues in the first six months of 2025 were P57.1 billion, down from P58.4 billion in the same period a year ago.
Revenues from the home broadband business fell 3 percent to P11.7 billion as more customers transitioned to fiber, while corporate data revenues dipped 2 percent to P9.6 billion due to cautious business sentiment.
Globe’s share of equity earnings in Mynt, the parent company of GCash, surged 78 percent to P3.8 billion from P2.1 billion in the same period last year.
The company’s cash capital expenditures for the first half of 2025 amounted to P18.9 billion, a 33-percent reduction from P28.3 billion in the previous year. This is consistent with its guidance of keeping full-year capital expenditures below $1 billion.
