Globe invests P21 billion in Q1 2022

Ayala-led Globe Telecom Inc. has invested a total of P21 billion in capital expenditure as of the first quarter of 2022.

In a disclosure to the stock exchange, Globe said the capital it spent in the first three months of the year was 10% higher than what was invested in the same period last year.

About 82% of the capex went to data-related requirements to handle the surge in demand for digital services and to provide a higher level of digital experiences for its customers nationwide, Globe said.

With the investment, the telco said it built 234 new cell sites nationwide, upgraded over 3,500 mobile sites, and installed 380 new 5G sites as of end-March of 2022.

The telco added it installed over 470,000 fiber-to-the-home lines.

Also, as of the first quarter of 2022, Globe saw a 4% increase in its consolidated service revenue to P39.2 billion from P37.8 billion a year ago, “even surpassing pre-pandemic levels.”

The revenue performance was on the back of gains from data related products and services as internet use remained an essential service for learning, e-commerce, telecommuting and entertainment, Globe said.

Meanwhile, non-telco revenues from subsidiaries amounted to P791 million for the first three months of the year, close to three times higher year-on-year.

Globe’s core net income, which excludes the impact of non-recurring charges, and foreign exchange and mark-to-market charges, ended at P5.1 billion for the quarter.

“We are pleased with our performance in the first quarter, as the top-line growth momentum was sustained. We saw encouraging results particularly in the mobile business as the government continuously eased pandemic restrictions and the economy opened up,” said Ernest Cu, president and CEO of Globe.—LDF, GMA News