MANILA, Nov. 12 (PNA) — Globe Telecom, Inc. on Tuesday announced that its net income surged to Php 10.5 billion in the first nine months of the year, 198 percent higher against the net income reported in the same period last year.
In a statement, Globe said that the increase is a result of the improvement in earnings before interest, taxes, depreciation and amortization (EBITDA), coupled with lower depreciation expenses and non-operating charges.
The company further said that its core net income reached Php 11.6 billion as of September 2014, or 22 percent higher than the Php 9.5 billion reported in same period of 2013.
Furthermore, Globe’s core net income excludes the impact of the non-recurring items, such as the accelerated depreciation charges related to the network modernization projects and mark-to-market charges.
As for revenues, Globe said that it reached Php 72.7 billion as of the first nine months of 2014, eight percent higher than the Php 67.3 billion reported in the same period last year.
Globe posted another all-time high with quarterly revenues of Php 25 billion on a sequential basis, up two percent from the previous record- level in the second quarter of 2014 and 10 percent from the same quarter last year.
The company attributed its strong topline growth to the robust expansion of both mobile and broadband customer bases, the strong demand for data connectivity, and the successful execution of various innovative and relevant promotions during the period.
Globe Telecom, Inc. President and CEO Ernest Cu in a statement said that he was pleased with the company’s third quarter results which prove that growth momentum remains intact despite the intensifying competition.
“Our strategy of focusing our efforts towards providing a differentiated customer experience has paved the way for our continued success,” Cu said.
He noted that the company has been consistently growing its mobile business with the solid customer base expansion and the strong demand for our mobile data services.
Meanwhile, he also said that broadband is still a high- growth area with both revenues and customer base growing in double digit rates and the company’s LTE solutions are becoming an increasingly important growth driver.
“We remain steadfast and confident that with the stronger and more reliable network and our continued service innovations, we are ready to deliver the best digital services and the most seamless experience to our valued customers,” he added. (PNA)