Metro Manila (CNN Philippines, November 14) — Globe Telecom still realized a blockbuster nine-month performance despite the inflation hurting Filipino consumers’ budget, thanks to its gains from massive tower sales and businesses outside the telco market.
In a disclosure on Monday, it said net income in the January to September period surged by 48% to ₱26.5 billion against the previous ₱18 billion in 2021.
Consolidated service revenues also hit an all-time high of ₱118 billion, driven by corporate data and mobile services, further complemented by its non-telco segments.
With more students and workers returning to the pre-pandemic hustles following the easing of restrictions, Globe’s mobile business recorded strong revenue growth at ₱80.6 billion, higher than the ₱78.4 billion a year prior.
Likewise, corporate data posted a 21% increase in revenues reaching ₱12.5 billion.
As Globe expanded its focus beyond telco, non-telco revenues, which include businesses in healthcare and fintech, also climbed to ₱2.8 billion, 101% higher than a year earlier.
Revenues from its home broadband, however, dipped to ₱20.5 billion from the previous ₱22.4 billion.
Meanwhile, Globe said it completed the sale of 1,501 out of 7,059 towers. Last month, Globe said it earned close to ₱20 billion from selling its tower assets.
READ: Globe raises nearly ₱20B so far from massive tower sale
“We are pleased with the Globe Group’s performance amidst the challenging economic climate and rapid changes in our industry. We believe that our decision to pivot and expand our growth opportunities through non-telco services has paved the way for us to remain relevant and competitive,” Globe President and CEO Ernest Cu was quoted as saying in the filing.
During a virtual briefing, Cu said that the Ayala-led group saw a slight “slowdown” in the third quarter due to domestic and global economic challenges facing the Philippines’ inflation in particular, which was offset by its “fantastic” performance in the first half.
Cu also said subscribers in the prepaid segment have been “truly optimizing their spending and maximizing the inclusions.”
The government said October inflation soared to a nearly 14-year high at 7.7%.
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