Globe’s 9M revenues, net profit up 11% and 4% respectively

The Philippines’ second largest phone company Globe Telecom yesterday reported a 4% rise in net profits to PHP9.7 billion (USD221.5 million) for the nine months ending 30 September, helped by an 11% rise in revenues to PHP47.2 billion. Globe, which is controlled by Philippine conglomerate Ayala Corp and partly owned by Singapore Telecommunications, said core net profit was up 20% to a record PHP10.5 billion. The company ended September with 19.2 million mobile customers, after recording net additions of more than a million users in the third quarter. Globe’s broadband unit contributed PHP846 million in revenues to the total, as its subscriber base doubled to 109,000 from a year earlier.