Globe Telecom Inc. yesterday reported an all-time high net income of P13.7 billion in the first quarter this year, up 86 percent from P7.3 billion net income posted in the same period last year.
Globe attributed the profit growth to the net gain of P8.5 billion on the partial sale of Globe’s data center business. Excluding this one-time gain, the normalized net income would have been P5.1 billion or up by 2 percent year on year and 37 percent quarter on quarter.
Globe closed the first three months of 2022 with a new record-high consolidated service revenue of P39.2 billion, up 4 percent from P37.8 billion reported a year ago, and even surpassing pre-pandemic levels.
The sustained revenue momentum was powered by the gains from data related products and services as internet use remained an essential service for learning, e-commerce, telecommuting and entertainment. Total data revenues across mobile, broadband and corporate data accounted for 81 percent of total service revenues from 79 percent last year.
