Globe reports 11% rise in net profit for 2009

5 Feb 2010

Globe Telecom, the Philippines’ second largest mobile operator by subscribers, yesterday reported that net profits for FY2009 climbed 11% year-on-year to PHP12.6 billion (USD273 million) on the back of non-recurring gains and lower taxes. Globe, which is owned by Ayala Corp and Singapore Telecom (SingTel), said in Q4 alone, its net income rose 9% y-o-y to PHP2.72 billion from the PHP2.5 billion figure reported previously. Consolidated service revenues were PHP62.4 billion, down 1% from PHP62.9 billion a year earlier, it said. A 4% year-on-year decline in turnover at the group’s mobile division was partially offset by increases in its broadband (+74%) and fixed line (+23%), respectively.

Globe is allocating about USD500 million in capital expenditures in 2010, with around USD170 million allocated for its mobile operations and USD230 million for the broadband business. Part of the spend is being set aside for expansion work to the operator’s WiMAX and 3G mobile broadband capabilities. A further USD50 million will be set aside for fixed line data networks – primarily targeting the corporate and enterprise sector.

Philippines, Globe Telecom (including Innove),

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