Philippine Globe Telecom net income declines 30% in 1H

19:03, August 03, 2010      

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Globe Telecom Inc., the Philippines' second biggest telecommunications company by sales, reported Tuesday that its net income for the first half of the year declined 30 percent to 5.1 billion pesos (112.6 million U.S. dollars), on weaker revenues.

Core net income decreased by 25 percent to 5.2 billion pesos (114.7 million U.S. dollars).

"Our first half results are reflective of the challenges facing the industry - traffic is growing, but revenues are declining with the market's increasing preference for unlimited services. Competition is becoming more intense, and will likely further intensify as the market slows," Ernest L. Cu, Globe President and CEO said in a statement.

Consolidated service revenues went down 3 percent to 30.7 billion pesos (677 million U.S. dollars). Broadband and fixed line data revenues rose 89 percent and 18 percent respectively, offsetting the 9 percent decline in mobile revenues,

Expansion in the broadband's subscriber base bolstered revenues in the wireline sector. It now has 930,000 subscribers, up almost three-fold from last year's 379,000 customers. The fully mobile broadband service brand "Tattoo" as well as Globe WiMAX for at-home internet use were the main drivers of growth.

Source: Xinhua


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