Globe H1 profit soars on forex gains, lower expenses

Rappler.com

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The telecom company also posts a new, all-time high quarterly revenues of P24.5 billion

 

MANILA, Philippines – Ayala-led Globe Telecom’s net income in the first half of the year soared 385% to P6.84 billion ($155.34 million*) from P1.4 billion ($31.98 million) in the same period last year.

In a statement on Wednesdsay, August 6, Globe attributed the growth to non-recurring foreign exchange gains, and lower depreciation charges and interest expenses.

Excluding non-recurring items, Globe said its core net income rose 18% to P7.6 billion from P6.4 billion in 2013.

“Our transformation initiatives are starting to bear fruit, given the solid revenue momentum we sustained this quarter. We approach the second semester of 2014 with confidence that, with our modernized network and our commitment to innovation and customer service excellence, we can maintain the growth momentum for the balance of the year,” Globe president and CEO Ernest Cu said.

Globe said its revenues in January to June reached P47.7 billion ($1.09 billion), 7% higher than the P44.5 billion ($1.02 billion) recorded last year. It said revenue growth was driven by all business segments, including mobile telephony, broadband and fixed line.

At the end of June, the company’s mobile subscriber base reached 42.7 million, up 18% from 36.1 million a year ago, and 5% higher than the end of the first quarter. – Rappler.com

 

 

*($1 = P43.77)

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