Globe Q1 net profit more than quadruples to P2.9B

Globe Telecom’s net income swelled 350 percent to P2.9 billion in the first quarter from P656 million in the comparative year-earlier period, thanks to a significant drop in depreciation charges on assets related to its modernization program.

Globe said core net profit, which excludes the impact of the non-recurring accelerated depreciation charges, increased nine percent to P3.4 billion from P3.1 billion a year earlier, driven by the strong performance of its business segments.