Globe Telecom Inc. reported a 7 percent decline in net income for the first quarter of the year to P6.8 billion from P7.3 billion in the same period last year, mainly attributed to higher depreciation expenses and non-operating charges.
While its home broadband and non-telco businesses declined, Globe said consolidated service revenues grew by 3 percent to P41.1 billion in the first quarter versus the same period last year, driven by the growth in mobile and corporate data businesses which accounted for 83 percent of its revenues.
Globe’s mobile business recorded P29.1 billion in revenues as of end-March 2024, up 8 percent from last year’s P27.1 billion. The company said this is due to its effective market repair efforts, as customers continue to choose Globe for its differentiated network quality and service.
Corporate data revenues increased by 10 percent year-on-year to approximately P5 billion, primarily driven by the growth of core data services by 12 percent and information and communication technology services by 7 percent, the company added.
