Globe profit surges in Q1 as revenues touch record

Globe Telecom Inc. saw profits swelling by 86 percent to P13.7 billion from P7.3 billion in the first quarter, driven by a slight increase in revenues and the sale of its data center business.

In a filing with the stock exchange, Globe said it booked a new record-high consolidated service revenues of P39.2 billion, a 4-percent increase from P37.8 billion, as pandemic restrictions eased.

Total data revenues across mobile, broadband and corporate data accounted for 81 percent of total service revenues from 79 percent last year.  Globe’s total operating expenses including subsidy was flat at P19.5 billion.

Excluding the gain from the sale of the data center business, Globe’s core net income was “flat year-on-year” at P5.1 billion.

“We are pleased with our performance in the first quarter, as the top-line growth momentum was sustained. We saw encouraging results particularly in the mobile business as the government continuously eased pandemic restrictions and the economy opened up. We are likewise optimistic about the growth prospects for the new ventures in Globe’s expanding portfolio,” Globe President Ernest L. Cu said.

Globe has made a “strategic shift to becoming a digital service platform,” building digital ventures in the financial, health, education, and entertainment industries. 

“We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network will strengthen our leadership in the digital space. Our commitment in making continuous enhancements in our products and services are all geared towards empowering and uplifting the Filipino lives,” Cu said.

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