Globe earnings up 18% to P11.7 billion

Globe Telecom Inc. booked P11.7 billion in first-semester core earnings, an 18-percent growth buoyed by high contributions from its mobile and corporate data businesses.

In a stock exchange filing on Tuesday, the Ayala-backed telecommunications giant pointed out that its core net income would have climbed by 21 percent if ECPay was de-consolidated from Globe’s books in the first half of 2023.

Meanwhile, revenues inched up by 2 percent to P82.2 billion in the January to June period.

The mobile business increased by 7 percent to a record P58.4 billion on “effective market repair initiatives and sustained network quality.”

This segment accounted for 71 percent of Globe’s total revenues, up from 68 percent in the same period last year.

Its total mobile customer base was at 59.5 million as of end-June.

“We are happy that our financial performance for the first half of the year remained robust,” Globe president and CEO Ernest Cu said.