Globe H1 revenues hit record P47.7B

GLOBE Telecom Inc. on Wednesday said it finished the first six months of 2014 with record-level revenues of P47.7 billion, 7 percent higher than the P44.5 billion reported in the same period last year.

Globe’s net income stood at P6.8 billion, almost five times the P1.4 billion net income recorded in the first half of 2013. Growth in net income was driven by the improvement in earnings before interest, taxes, depreciation, and amortization (EBITDA), lower depreciation charges, gains from foreign exchange movements and lower interest expenses recorded during the period, it said.