Globe’s net income 2nd quarter up 16%

Telco giant Globe Telecom has registered a 16 percent growth on its net income for the second quarter of 2018 driven by strong demand for data services and multimedia content.

The firm has reported a net income of PHP4.67 billion in the period of April to June while its consolidated service revenues has reached PHP67.3 billion for the first half of the year, according to its disclosure filed to the Philippine Stock Exchange (PSE) Wednesday.

The growth on its revenues was attributed to the continuing expansion of its 4G and LTE network and the strong preference of its subscribers to multimedia content and applications.

Globe’s core income for the first half stood at PHP10.3 billion excluding the impact of non-recurring charges and foreign exchange changes.

“We are encouraged by the positive business momentum in the first half of 2018. These results validate our strategy in driving the digital lifestyle of our customers, and reaffirm our status as the country’s leader in mobile. Our efforts to modernize further our network play a critical role in our company’s performance. We believe we are well positioned to compete in this highly challenging market going forward,” Globe President and CEO Ernest Cu said. (PNA)