Globe regains pre-Covid earnings with P78.9B in 1H

Globe Telecom Inc. ended the first half of the year with higher revenue that surpassed its pre-pandemic performance on the back of all-time high spending that supported its aggressive network buildup.

In a stock report on Thursday, Globe said consolidated service revenue hit another record at P78.9 billion, up four percent year-on-year, fueled by a boom in data-related products and services.

“We are happy that the Globe Group’s performance accelerated solidly in the year’s first half, rebounding our topline to pre-Covidlevels. We are consistently delivering value to our customers and uplifting their lives through connectivity or other digital solutions,” Globe president and CEO Ernest Cu said.

“As we expand our digital strategy, we will continue improving our network and service delivery, even as we manage our costs. We are confident that our leadership, being the most reliable network and the preferred brand of Filipinos, will remain steady,” he added.

According to Globe, the total data revenues catapulted to 81 percent of full-service revenues from 79 percent last year.

From January to June, the company spent P50.5 billion on capital expenditure (CAPEX), surpassing last year’s spending by 17 percent. A bulk or 84 percent of the CAPEX was allocated for data requirements to meet consumers’ growing demand for data.

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