Globe Telecom Inc. registered a 13 percent growth in profit in the first three-quarters of the year due to rising data consumption and broadband usage.

Despite economic and public mobility challenges due to the pandemic, Globe posted P18.3 billion in consolidated net income in January to September this year, up from P15.9 billion in the same period in 2020.

“We are happy to report a resurgent business performance in the third quarter, with the topline now back to pre-pandemic levels,” Ernest L. Cu, Globe president and chief executive officer said.

Revenues hit P113.6 billion, an increase of four percent year-on-year. In the third-quarter alone, revenues reached P38.1 billion.

Core net income up 17 percent to P18.3 billion, excluding the impact of non-recurring charges, along with foreign exchange and mark-to-market charges.

Total mobile revenues at end-September accounted for 69 percent of Globe’s total service income, with a mobile subscriber base now at 84 million, up seven percent from a year earlier.

From a product perspective, mobile data revenues hit 57.9 billion in the first nine months of the year, accounting for 74 percent t of mobile revenues, from P53.7 billion a year ago.

Globe’s home broadband business also benefitted from the growing demand for high-speed, affordable internet.

As of September, Home broadband revenues posted a record P22.4 billion, exceeding the same period of 2020 by 15 percent.

Likewise, the accelerated fiber rollout already yielded positive results with the increased take up of Fiber to the Home (FTTH) lines of 240 percent and fiber revenues growing by 169 percent against a year ago.

Compared to the same period of 2019 or before the COVID-19 outbreak, Home broadband revenues likewise grew by 39 percent.

Meanwhile, mobile voice and mobile short message service (SMS) revenues ended at P13.3 billion and P7.2 billion, lower year-on-year by 14 percent and 17 percent, respectively.

In terms of capital expenditure Globe invested P65.4 billion in the first nine months, already surpassing last year’s full year investment of P60.3 billion.

Majority or about 84 percent of the capital expenditure spent during the period went to data network builds.

Meanwhile, total operating expenses, including subsidy, reached P56.6 billion at end-September 2021, exceeding last year’s comparable by seven percent.

The bulk of the increase in Globe’s expenses came mostly from staff costs, utilities, maintenance, and marketing costs, partly offset by lower trade provisions and subsidy.*

Source: Manila Bulletin (