Globe posts 9% rise in core earnings

Globe Telecom Inc. reported an improvement in core earnings, which removes non-recurring charges and foreign exchange losses, during the first nine months of 2013.

Net income for the nine months through September, however, was down 48 percent to P3.53 billion even as service revenues rose 10 percent to P67.3 billion.

But removing the effect of charges such as the accelerated depreciation related to its massive network and IT upgrade, foreign exchange and mark-to-market losses, Globe said core earnings rose 9 percent to P9.5 billion.

“Our third quarter results show that the company’s growth momentum is still intact and that we competed well despite the complexity of the ongoing transformation projects,” Globe president and CEO Ernest Cu said.

Globe said that revenue growth was “broad-based,” led by its mobile, broadband and fixed-line business.

Mobile revenues continued to lead contributions at P54.1 billion, up 8 percent. This was due to the post-paid segment, which grew 20 percent. Miguel R. Camus