Globe on track to hit P100-B revenue in 2015

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GLOBE Telecom Inc. aims to keep its industry lead and hitting its P100-billion revenue target this year, a company official told reporters over the weekend.

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“Yes, absolutely,” said President and Chief Executive Officer Ernest Cu. “If you look at the first half, I think we’re at 56.”

On August 4, Globe reported posting an all-time high net income of P8.7 billion in the first half of the year, up 27 percent from P6.8 billion a year earlier, despite higher depreciation expenses and non-operating charges.

Core net income also reached an all-time high of P8.6 billion, up 14 percent from P7.6 billion in the same comparable period. This item did not include the impact of non-recurring items, as well as foreign exchange and mark-to-market charges.

The Ayala-led telco closed the first half of 2015 with record-level consolidated service revenues of P53.8 billion, up 13 percent from P47.7 billion, supported by revenue gains from mobile data and broadband service.

Postpaid revenues were up 8 percent on year due to a higher customer base.

The mass-market brand TM grew by 15 percent, while the prepaid business grew by 8 percent.

As of end-June, Globe’s mobile subscriber base reached 48.4 million, up 13 percent from 42.7 million a year earlier.

Globe used up P11.4 billion in capital expenditures in the first semester of the year to support a growing subscriber base and the demand for data.

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