Metro Manila (CNN Philippines, May 5) — Ayala-led Globe Telecom, with business operations expanding outside telco, saw its net income drop by 47% from a year ago when the group realized one-time gains.
In a filing at the stock exchange, the firm said earnings fell to ₱7.27 billion in the first quarter, slipping from the previous ₱13.66 billion.
Globe noted that it recorded gains after the group formed a joint venture partnership with Ayala Corporation and ST Telemedia Global Data Centers in March 2022, where the agreement entailed the subscription of new shares in its subsidiary KarmanEdge, thus explaining the difference in profit booked a year earlier.
Consolidated service revenues, meanwhile, went up by 2% to ₱40 billion despite economic headwinds facing the Philippines, such as high inflation.Its mobile revenues stood at ₱27.1 billion, while the home broadband business finished the quarter with ₱6.5 billion. Revenues from corporate data jumped 15% to ₱4.5 billion.Non-telco revenues also surged to ₱1.4 billion.Its chief and president Ernest Cu said he was “encouraged” by the results in the first quarter.
