MANILA — Globe Telecom said on Friday its net income for the first quarter stood at P7.3 billion, lower by 47 percent compared to the P13.7 billion in the same period in 2022.

But consolidated service revenues reached P40 billion, up 2 percent from the same period last year, Globe said in a disclosure to the stock exchange.

Core net income ended flat at P5.1 billion, it added.

Mobile business revenues for the quarter reached P27.1 billion while home broadband booked P6.5 billion in revenues, Globe said.

Meanwhile, non-telco revenues reached P1.4 billion for the period, Globe said.

"We are encouraged by the results in the first 3 months of the year with healthy topline and EBITDA growth amidst high inflation, interest rates and other economic challenges," said Globe President and CEO Ernest Cu.

Globe said it would launch its prepaid fiber connectivity in the second quarter. Globe said it initially launched a prepaid public WiFi service called TMBayan Fiber WiFi last year, which converted sari-sari stores, town plazas and other neighborhood convergence areas into WiFi hotspots.

For the first 3 months of the year, Globe invested P17.6 billion in capital expenditures, lower by 16 percent compared to the same period in 2022.

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