Saturday, 6 February 2010

Globe’s income increased 11% to P12.6b in ’09

by Jeremiah F. de Guzman
Manila Standard

Listed Globe Telecom Inc. said Thursday that net profit after tax rose 11 percent to P12.6 billion in 2009 from P11.3 billion in 2008, despite slightly lower revenues on weak mobile business.

Globe said non-recurring gains and lower taxes partly contributed to the higher profit.

Globe’s net income in 2008 fell 15 percent from P13.3 billion in 2007.

Service revenues stood at P62.4 billion in 2009, slightly lower than P62.9 billion a year ago.

Globe, owned by conglomerate Ayala Corp. and Singapore Telecommunications Ltd., said broadband and fixed line data revenues climbed 74 percent and 23 percent, respectively, while those of mobile service fell 4 percent.

Mobile service revenues accounted for 85 percent, or P53.3 billion, of Globe’s total revenues in 2009.

The second-largest telecommunications firm ended the year with a cumulative wireless subscriber base of 23.2 million, down 6 percent from the previous year’s 24.6 million. Combined average revenue per unit of both pre-paid and post-paid subscribers was at P185, down 10 percent.

Globe’s landline subscribers grew 40 percent to 589,331 in 2009 from 420,270 in 2008, while broadband customers jumped threefold to 715,472 from just 230,968.

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