Globe first-half profit slips 14% to P12.4 billion
FILE PHOTO: A logo of Globe Telecom is seen at a Globe service center in Edsa, Quezon City, Metro Manila, Philippines, May 7, 2018. Picture taken May 7, 2018. REUTERS/Dondi Tawatao
MANILA, Philippines — Ayala-led Globe Telecom booked a 14-percent drop in net income in the first half amid softer revenues from its core businesses.
In a disclosure to the local bourse on Wednesday, the telco saw its earnings fall to P12.4 billion from P14.53 billion.
This was despite the group logging an extraordinary gain of P2.6 billion from MUFG Bank’s acquisition of an 8 percent stake in Mynt, the parent firm of leading e-wallet GCash.
Consolidated gross service revenues also dipped by 2 percent to P80.2 billion against the P82.2 billion a year ago.
Contributions from its mobile business went down to P57.1 billion from P58.4 billion, with Globe citing “persistent inflation” dampening consumer appetite.
READ: Globe Telecom completes direct-to-device voice call
Its home broadband unit likewise provided lower contributions at P11.7 billion, down 3 percent.
Corporate data revenues also fell by 2 percent to P9.6 billion.
Non-telco revenues also realized a 2 percent decrease to P1.2 billion.
READ: Globe earns over P1.3 billion from new round of tower sales
