Globe Telecom net income drops 14% to P17.7 billion amid challenging operating environment

Globe Telecom reported a 14 percent decrease in net income to P17.7 billion and a decline in consolidated gross service revenues to P121.7 billion for the first nine months of the year.

The company's net income was affected by increased depreciation, interest expenses, and other non-operating charges, although gains from Mynt share disposal and higher affiliate earnings provided some offset.

Excluding non-recurring items, the net income saw a 15 percent drop to P15.5 billion, attributed to a challenging operating environment marked by persistent competition and the economic impact of typhoons.

Despite these challenges, Globe's mobile business remained the primary revenue generator, contributing P86.2 billion, with mobile data revenues reaching a record P74 billion for the nine-month period.

The home broadband business also contributed significantly with P17.8 billion in revenues during the same period.

Furthermore, Globe's investment in Mynt, the parent company of GCash, showed strong performance, with its equity share jumping 52 percent to P5.3 billion compared to the previous year.