Globe Telecom Inc., reported a 27% decrease in earnings for the first nine months of the year ending in September. This decline was primarily attributed to rising expenses, particularly in general and depreciation costs.
According to their financial report shared by Elijah Rosales, Globe’s profits decreased from PHP26.46 billion to PHP19.29 billion in the same period of the previous year. While the company saw a 3% increase in revenue, reaching PHP133.79 billion, this gain was offset by a 4% surge in expenses, which totaled PHP116.86 billion.
In total, Globe invested PHP54 billion in capital expenditures by the end of the third quarter, with an additional PHP18 billion allocated for the fourth quarter to meet their capex guidance.
Much of this expenditure was focused on meeting the data demands of subscribers due to the increasing need for digital connectivity.
As of September, Globe had constructed 833 new cellular towers and upgraded 5,395 sites to LTE, while deploying approximately 175,000 fiber lines across the Philippines.
via Philstar.com
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