Globe’s profit down on lower revenues

The Philippines’ second largest telecoms group Globe Telecom has posted lower-than-expected third quarter profits due to weak wireless usage in the period, GMANews reports. The Ayala-backed company posted third-quarter net income of PHP2.558 billion (USD52.5 million), 8% lower than the figure reported in the corresponding year-earlier period. The operator’s turnover for July-September was PHP15.5 billion, broadly flat compared to sales in April to June. The decline in income brought Globe’s 9M08 profits to PHP16.1 billion, down 9% year-on-year, although its president Gerardo C Ablaza remained upbeat, noting he was ‘encouraged’ by the addition of more than a million subscribers in the third quarter, to end September with 23.75 million subscribers. The operator also reported a 41% year-on-year increase in broadband subscribers to 154,000.