Globe Telecom’s net income grew by 48 percent in the first nine months from a year ago, boosted by non-telco businesses and a one-time gain, a top executive said over the weekend.
The telecom unit of the Ayala Group said net income amounted to P26.5 billion from January to September, up from P18 billion in the same period last year.
Excluding one-time gain, normalized net income reached P16.7 billion, up by 6 percent year-on-year.
Core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to-market charges, ended at P16 billion. Normalized core net income was flat year-on-year.
“We are pleased with the Globe Group’s performance amidst the challenging economic climate and rapid changes in our industry. We believe that our decision to pivot and expand our growth opportunities through non-telco services has paved the way for us to remain relevant and competitive,” Globe president and chief executive Ernest Cu said.
“We will stay committed to our promise to improve our network and come up with new products and services to meet the changing needs of the market and support Filipinos’ digital enablement. Looking ahead, we are confident that our digital transformation will enhance shareholder value and unlock Globe’s sustainable growth trajectory,” he said.
Consolidated service revenue hit a record P118 billion, up 3 percent year-on-year led by corporate data and mobile services, supplemented by the sustaining growth from non-telco services.
Mobile business achieved strong revenue growth to P80.6 billion, compared to P80.4 billion reported in the first nine months of 2021.
Total mobile revenues comprised 68 percent of the total service revenues, with the total mobile customer base expanding to 87.9 million, or 5 percent higher than in the same period last year.
Home broadband business slid in the third quarter, bringing its total revenues in the first nine months to P20.5 billion from P22.4 billion a year earlier. Home broadband subscriber count went down by 27 percent year-on-year to 2.7 million.
Corporate data soared to record revenues of P12.5 billion, up by 21 percent from a year ago.
Non-telco revenues jumped 101 percent to P2.8 billion in the first nine months, with substantial contributions from ECPay, Yondu and Asticom.
Total operating expenses including subsidy stood at P57.6 billion in the first nine months.