MANILA, Philippines — Globe Telecom Inc. is investing an additional $100 million this year to bring its full year spending budget to $950 million as part of its ongoing efforts to give better internet connectivity in the country.
The Ayala-led telco company said its board approved an additional in-year capex of $100 million to its original allocation of $850 million “as it moves forward with upgrading its network to provide first-world internet connectivity in the Philippines.”
In the first six months, Globe has spent around P22.9 billion of its capex to support its growing subscriber base and the rapidly changing and rising demand for data.
Of the total capex spent this period, about 77 percent was invested for the data service needs of its customers, the telco giant said.
Globe also reported robust first half revenue figures attributed to the continued expansion of its 4G and LTE network, and the growing preference of customers towards content-rich offerings and multimedia applications that enrich the Filipino digital lifestyle.
The company ended the first half with consolidated service revenues of P67.3 billion, with revenues hitting P33.2 billion in the second quarter, up three percent from the previous quarter.
Globe’s core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to-market charges, stood at P10.3 billion, while net income reached P10.1 billion.
“We are encouraged by the positive business momentum in the first half of 2018. These results validate our strategy in driving the digital lifestyle of our customers, and reaffirm our status as the country’s leader in mobile. Our efforts to modernize further our network play a critical role in our company’s performance. We believe we are well positioned to compete in this highly challenging market going forward,” Globe president and chief executive officer Ernest Cu said.