Globe Telecom posts P18-billion net income for first 9 months of 2021

ABS-CBN News

<p>MANILA - Globe Telecom said Friday its consolidated net income grew 13 percent to P18 billion for the first 9 months of the year from P15.9 billion in the same period last year due to improved performance of its fixed and wireless businesses and the impact of the CREATE law.</p><p>Core net income grew 17 percent to P18.3 billion from P15.6 billion in 2020, the telco said in a disclosure to the stock exchange.</p><p>Consolidated service revenue reached P113.6 billion for the first 9 months, up 4 percent from the same comparable period, Globe said. Third quarter revenue was at P38.1 billion, it said. </p><p>For the period, it installed over 1 million fiber-to-the-home lines, surpassing its target. For the full year, it expects to roll out 1.4 million FTTH lines, it said.</p><p>As part of its aggressive expansion drive, Globe also said it built 1,080 new cell sites within the period. It registered a &quot;record-level&quot; capital expenditure of P65.4 billion for the period, surpassing the total P60.3 billion last year.</p><p>Mobile data revenues reached P57.9 billion for the first 9 months from P53.7 billion a year ago as mobile data traffic surged to 2,730 petabytes from 1,762 petabytes in the same period last year, the telco said.</p><p>Meanwhile, home broadband revenues hit P22.4 billion for the period, up 15 percent compared to last year mainly due to pandemic-driven demand, it said.</p><p>&quot;The rising data consumption and broadband usage in the country remain the biggest driver for this period&#x27;s improved topline,&quot; the telco said. </p><p>Globe said it is also offering digital solutions focused on high-growth areas such as fintech, healthtech, AdTech and e-commerce, among others.</p><p>&quot;We believe that our strategy to use the telco business as a platform to become a digital solutions group... will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space,&quot; its president Ernest Cu said.</p><p>Mynt, which operates GCash, recently achieved a double unicorn status following its recent round of funding. Globe said Mynt is the only Philippine startup included in Credit Suisse&#x27;s Southeast Asia 35 Unicorns list.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/02/21/gcash-operator-mynt-raises-300-million-in-funding">GCash operator Mynt raises over $300 million in funding</a></li>	<li><a href="https://news.abs-cbn.com/business/08/09/21/gcash-in-no-hurry-for-ipo-eyes-more-growth">GCash in no hurry for IPO as e-wallet value thickens to $1-B, posts profit</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1727600" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Globe Telecom said Friday its consolidated net income grew 13 percent to P18 billion for the first 9 months of the year.

Globe Telecom posts P18-billion net income for first 9 months of 2021 | ABS-CBN

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Globe Telecom posts P18-billion net income for first 9 months of 2021

Globe Telecom posts P18-billion net income for first 9 months of 2021

ABS-CBN News

Published Nov 12, 2021 11:59 AM PHT

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