Listed Globe Telecom Inc. reported on Wednesday that its net income dropped to P15.9 billion in the first nine months of 2020 on lower revenues despite showing signs of recovery in the third quarter.

In a disclosure, the Ayala-led telecommunications company said the amount was a 10-percent decrease from P17.68 billion year-on-year, attributing it to the “3-percent decline in Ebitda (earnings before interest, taxes, depreciation and amortization) and 6-percent increase in depreciation.”

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