Globe's H1 profits up by 13%

MANILA, Philippines - Profits of listed Globe Telecom, Inc. jumped by 13 percent from last year's P5.7 billion to P6.4 billion in the first half of 2013, the company announced on Tuesday.

"We are pleased with our first half performance despite the ongoing network and IT (information technology) modernization initiatives we are undertaking to serve our customers better,” Globe president and Chief Executive Officer Ernest Cu said.

The company posted consolidated revenues of P44.5 billion, rising by 9 percent from the P40.8 billion in recorded in the first half of 2012.

Revenues from Globe's mobile business hit P35.8 billion, P2.6 billion higher than what it posted in the same period last year. Its broadband arm also generated P5.1 billion in revenues in the first semester, while its fixed line data revenues posted P2.3 billion.

Globe's total number of subscribers, meanwhile, reached 36.1 million in the first half of the year, 14 percent higher than what it recorded in the first of 2012.

“We anticipate competition to escalate in the second semester given the gains we’ve realized in the past, and anticipated launches of in-demand mobile devices from Apple and Samsung in the second half of the year. We’ve built up great momentum during the first semester, and we need to strive harder to sustain it in this very competitive and fast paced environment. We remain confident that with the modernized Globe network and IT infrastructure that is nearing its completion, we’ll be able to deliver superior value and differentiated customer experience to our subscribers,” Cu said.

The company recently completed the first phase of its network modernization program in the first semester of the year.