Globe Telecom reports 13% rise in net income in 2007

The Philippines’ second largest telecoms operator by subscribers Globe Telecom has reported a 13% rise in net income in 2007, broadly in line with market expectations, as a succession of marketing promotions helped sustain its solid mobile revenues. The operator, controlled by Singapore Telecommunications (SingTel) and Filipino conglomerate Ayala Corp, posted net profits of PHP13.3 billion (USD327 million) last year, compared with PHP11.75 billion in its fiscal year ending 31 December 2006. 4Q 2007 net profits reached PHP3.27 billion, a year-on-year rise of around 10%, and core net income rose 27% year-on-year to PHP13.7 billion for the full year, despite only climbing 1% to PHP3.19 billion in the fourth quarter of 2007. Based on a poll conducted by Reuters Estimates, Globe was expected to post full-year net income of PHP13.67 billion – rising to PHP16.1 billion in fiscal year 2008.