Globe Telecom Inc. said Monday net income surged 34 percent in the first nine months, bolstered by mobile and broadband businesses and the consolidation of financial results of recently acquired Bayan Telecommunications Inc. in the third quarter.
Globe, which is controlled by Ayala Corp., said net income hit P14.14 billion in the January-September period, up from P10.53 billion it booked in the same period last year.
Globe’s core profit, which excludes the impact of the non-recurring items, one-time gains, foreign exchange and mark-to-market charges, rose 10 percent to P12.71 billion in the nine-month period from P11.61 billion a year earlier.
“We are pleased that Globe sustained the growth momentum for the first nine months of 2015, despite the renewed challenges in the industry. We have maintained our aggressive stance as we continue fortifying our leadership in the digital space,” Globe president and chief executive Ernest Cu said.
Globe posted consolidated service revenues of P83.4 billion in the first nine months, higher by 15 percent than P72.7 billion last year.
The mobile business posted a 9 percent growth in revenues, reaching P63 billion in the first nine months from P57.6 billion reported in the same period last year.
Globe postpaid revenues increased 7 percent year-on-year while Globe prepaid posted solid growth of 8 percent.
Globe’s mobile subscriber base reached 50.1 million as of end-September, up by 17 percent from 42.9 million a year ago, driven by record-level gross acquisitions.
The robust performance of the mobile business was spearheaded by mobile data services, sustaining the double-digit growth trajectory in the first three quarters.
Mobile data service revenues jumped 48 percent to P15.1 billion in the January-September period from P10.2 billion reported a year ago.
Globe’s total broadband service revenues stood at P12.4 billion as of the end-September, as total subscriber base reached nearly 4 million.
The impressive growth in revenues was driven by subscriber expansion in wireless broadband, which grew 58 percent and fixed broadband, 49 percent.
Globe’s fixed line data business increased 37 [percent to P5.5 billion, led by he expansion in circuit count and increased usage, coupled with the impact of Bayan’s consolidation in the third quarter of 2015.
Globe said it spent P22.9 billion in capital expenditures in the first three quarters this year to support the growing subscriber base and demand for data.