AYALA-LED Globe Telecom said on Wednesday that its net income dropped 13 percent in the first three months of the year on higher depreciation and interest expenses, as well as one-time costs related to its purchase of San Miguel Corp.’s telecom assets.
In a disclosure to the Philippine Stock Exchange, Globe said that its net income in the first quarter fell to P3.8 billion from P4.3 billion in the same quarter last year.
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