Globe's January-September profits up by 9%

MANILA, Philippines - Profits of listed Globe Telecom surged by 9 percent to P9.5 billion in the first nine months of the year on the back of a 70-percent leap in its net subscriber additions, the company said on Monday.

The 3.4-million increase in subscriber additions brings Globe's total number of subscribers to 36.5 million, a 14-percent increase from a year ago, it said.

The company said the positive performance led to robust gains in its postpaid and mobile browsing businesses, and a 10-percent revenue growth of P67.3 billion.

Globe President and Chief Executive Officer Ernest Cu said the company's growth from January to September is attributable to the strong performance of its mobile business which posted P54.1 billion in revenues, an 8-percent increase from last year.

Meanwhile, the company's prepaid business similarly posted a positive growth, with a 3-percent rise in revenues to P34.1 billion pesos.

The company added that its broadband subscribers reached 1.9 million, 15 percent higher from the previous year and a 4-percent improvement from the previous quarter.

Looking forward, Cu said the company's modernization program is expected to improve capacity and boost network performance.