Globe Telecom highlighted signs of a sustained recovery, with Q1 profit and revenue increasing despite continued weakness in its mobile business, which was dragged down by double-digit declines in voice and SMS.
In a statement, president and CEO of the Philippines operator, Ernest Cu, said despite a resurgence of Covid-19 (coronavirus) cases and lingering uncertainties from the pandemic, “we are encouraged by the improvements in first quarter results. Looking ahead, we believe Globe is well positioned to provide more digital solutions and innovative offers to make our services more relevant”.
He noted 5G and fibre rollouts, as well as the ongoing upgrading of its network, will remain its top priority.
Net income grew 11 per cent year-on-year to PHP7.3 billion ($150.9 million), as a decline in non-operating charges offset a hike in depreciation charges.
Consolidated service turnover rose 3 per cent to PHP37.8 billion, which was attributed to growth in mobile data and broadband revenue. Mobile service sales dipped 2 per cent to PHP26.3 billion, with declines in voice and SMS more than offsetting modest gains in mobile data revenue. Mobile data accounted for 73 per cent of total mobile revenue, up from 69 per cent in Q1 2020.
Its home broadband and fixed-line business posted 15 per cent growth to PHP9.8 billion.
Prepaid and post-paid subscribers fell 11 per cent and 8 per cent to 77.3 million and 2.5 million respectively. Prepaid ARPU increased 13 per cent to PHP103, while post-paid ARPU edged up 3 per cent to PHP882.
Q1 capex surged 79 per cent from a year earlier to PHP19.1 billion. Globe said its 5G network covers 84 per cent of Metro Manila, with a total 1,383 sites nationwide.
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