Globe Q1 profit more than quadruples

Posted at 05/13/14 1:02 PM

MANILA, Philippines – Globe Telecom Inc.'s net income for the first quarter of 2014 more than quadrupled, the firm reported on Tuesday.

The net income of the Ayala-led telecommunications firm surged to P2.95 billion in the first quarter of the year from the P660 million it posted in the same period last year.

Globe also posted a 9 percent growth in its core net profit to P3.4 billion from P3.1 billion a year earlier on the back of strong performance of its business segments.

Globe’s consolidated service revenues hit P23.2 billion in the first three months of the year, a 9 percent jump from the P21.4 billion it registered in the same period last year.

The revenue gains were attributed to the growth in both mobile and broadband customer bases, the sustained demand for data connectivity and the introduction of market-relevant promotions during the quarter.

“We are pleased with our performance in the first quarter, as top-line growth momentum was sustained. We have also seen encouraging improvements in mobile browsing in terms of activity and number of users as a result of the successful Free Facebook promotion and we hope to see continuous growth in mobile internet adoption among our customers moving forward,” Globe president and chief executive Ernest Cu said.

“Given these results, we remain confident in sustaining the growth throughout the year as Globe moves closer to the completion of our network and IT transformation programs. Looking ahead, Globe will continue with our commitment in providing more exciting promotions and innovative offers in order to create a wonderful world for our valued customers and shareholders,” he added.