Globe Telecom cited by HK magazine

FinanceAsia, a Hong Kong-based magazine on Asian financial markets, recently named Globe Telecom as the second best managed company in the Philippines even as it cited Globe’s Delfin C. Gonzalez as Best Chief Financial Officer for the second straight year.

The results were based on the Asia’s Best Companies 2003 survey initiated by the magazine covering the performance of the top companies in 10 countries in the region. FinanceAsia polled institutional investors and equity analysts and received a total of 296 votes.

Globe also ranked second in two other categories: Best Financial Management and Best Corporate Governance, next only to its mother company Ayala Corp.

The cellular phone leader also placed fourth and fifth in the Best at Investor Relations, and Most Commitment to Creating Shareholder Value categories, respectively.

Last year, Globe placed fifth – Best Managed Company; sixth – Company Most Committed to Corporate Governance, and Best at Investor Relations; third – Strongest Commitment to Enhancing Shareholder Value, and Best Financial Management.

Other Ayala companies which also figured prominently in the survey are Ayala Land Inc. and Bank of the Philippine Islands.

Globe Telecom started engaging in the telephone business in 1993 and enjoys strong shareholder support from Ayala Corp., Singapore Telecom International and Deutsche Telekom that had led to a steady equity stream over the years. As of Dec. 31, 2002, stockholders’ equity already reached P51 billion.

For last year, Globe Telecom also posted a net income of over P6.8 billion and operational revenues of P45.8 billion.