Globe Telecom H1 net profit up 385%

Globe Telecom posted a net profit of P6.84 billion in the first half of 2014, a huge 385% hike compared with the same period last year.The company’s revenues are pegged at P47.7 billion in the January to June period, up 7% from P44.5 billion a year ago. On a quarterly basis, Globe recorded a new all-time high with P24.5 billion, up 5% from the first quarter of 2014 and 6% from the same quarter last year.“Our transformation initiatives are starting to bear fruit, given the solid revenue momentum we sustained this quarter. We approach the second semester of 2014 with confidence that, with our modernized network and our commitment to innovation and customer service excellence, we can maintain the growth momentum for the balance of the year,” Globe president & CEO Ernest Cu said.Globe’s mobile telephony segment accounted for the bulk of its revenues at P37.8 billion, a 5% improvement from the P35.8 billion during the same period last year, on the back of strong contributions from the Globe Postpaid and TM segments.Postpaid revenues reached P14.6 billion in the first half of the year, up 11% from the same period last year and reflected a year-on-year subscriber growth of 10%.TM, Globe’s mass-market brand, improved its revenue by 9% year-on-year to P9.1 billion from P8.4 billion. From the January-June period, the company’s mobile subscriber base reached 42.7 million, up a solid 18% from 36.1 million a year ago and 5% higher from the end of the first quarter of 2014.