Globe income up 32%

Globe Telecom Inc. on May 6 reported a consolidated net income of P3.4 billion for the first quarter of 2008, up by 32 percent from P2.6 billion in 2007. Consolidated revenues reached P 15.5 billion. Globe's wireless business registered a percentage point decline in service revenues while wireline revenues increased 6 percent due to continued growth in the company's broadband and corporate data businesses. Globe maintained strong subscriber momentum, its SIM base expanding 26 percent to close the quarter at 21.3 million. Broadband and corporate data services continued to be the main drivers of growth, growing by 73 percent and 15 percent, respectively. Globe has earmarked about $400 to 450 million in capital expenditures this year to enhance its mobile network quality and coverage, grow its broadband footprint, and improve the resiliency of its Internet network.

in Malaya
May 7, 2008
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