outbrain
Close  
COVID-19 DISRUPTION

Lockdown protocols cut Globe H1 core profit by 8% to P 11B

/ 04:03 AM August 05, 2020

Globe Telecom said earnings took a hit in the first semester of 2020 due to the COVID-19 lockdown, whose movement restrictions also forced the company to slow down on network upgrades.

Globe said in a stock exchange filing on Tuesday that core income in the first six months sank 8 percent to P11 billion while service revenues were down 1 percent to P72.4 billion.

ADVERTISEMENT

The enhanced community quarantine period from March through the end of May also disrupted Globe’s rollout of crucial telecommunications infrastructure.

As a result, the company expects full-year capital spending to hit around P50.3 billion, 20 percent lower than the original budget of P63 billion.

FEATURED STORIES

Globe CEO Ernest Cu said the COVID-19 pandemic was expected to pull down revenues by a “low single digit” this year.

Helping blunt the effects of the slowdown, Globe said home broadband revenues grew 19 percent to P12.5 billion in the first semester as total subscribers surged by 58 percent to 2.9 million over the same period last year. INQ

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, COVID-19, Globe telecom
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.