Back on solid footing: Globe returns to pre-Covid revenue levels, profit surges by more than half

Globe Telecom’s profit grew 51 percent in the six months through June as revenues climbed to pre-pandemic levels on strong gains from data-related products and services with sustained internet use and improved mobility.

The Ayala-led telco reported a net income of P19.7 billion from January to June, higher than the P13 billion recorded in the same period last year.

However, core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to-market charges, went down by 17 percent to P11 billion.

Consolidated service revenue reached an all-time high of P78.9 billion, up four percent and already above the growth rates before the pandemic.

“We are happy that the Globe Group’s performance accelerated solidly in the first half of the year, rebounding our topline to pre-COVID levels,” Globe president and CEO Ernest Cu said.

Revenues from the mobile business increased by three percent to P54 billion while corporate data revenues reached a historic-high of P8.2 billion or an increase of 21 percent on the back of the uptick from information and communication technology (ICT) and international leased line services.

Globe said growth from ICT came largely from business application services, cloud solutions, and cybersecurity services.

The Home Broadband business, however, saw revenues dip by five percent to P13.8 billion, driven by the continued transition and migration of broadband subscriber base to fiber.

“As we expand our digital strategy, we will continue improving our network and service delivery, even as we manage our costs. We are confident that our leadership, being the most reliable network and the preferred brand of Filipinos, will bring steady business growth moving forward,” Cu said.

Construction work starts on Metro Manila Subway

The Department of Transportation (DOTr) broke ground on the construction of two stations of the Metro Manila Subway, a 33-kilometer underground railway system which will connect Valenzuela City to Pasay City.