Globe closes 2011 with all-time high service revenues of P67.8B; net income of P9.8B
Leading telecommunications company Globe Telecom closed 2011 with all-time high service revenues of P67.8 billion, nine percent higher than previous year's normalized level of P62 billion. The healthy revenues were propelled by strong results across all postpaid and prepaid mobile brands and the continued double-digit revenue growth of the broadband business.
Full year mobile revenues exceeded market expectations to close the period at about P54 billion, up eight percent year-on-year underpinned by the record acquisitions for customizable postpaid plans, growth in unlimited services and all-network offers, and additional revenues from mobile browsing.
Globe postpaid business delivered record net subscriber additions in 2011, to close the year with nearly 1.5 million subscribers, 36 percent above previous year's about 1.1 million. The brand refresh campaign together with the launch of innovative services also generated renewed interest for Globe Prepaid and TM which ended the year with total subscribers of 15.5 million and 13.1 million, 12 percent and 13 percent higher than 2010, respectively.
Broadband revenues, on the other hand, rose to P7.5 billion, up 30 percent from previous year driven by growth in subscriber base, and the introduction of new and enhanced services enabled by the expansion of sales channels and the company's 4G HSPA+ network. At year-end, Globe total broadband subscriber base stood at 1.4 million, up 31 percent from about 1.1 million in the previous year.
Consolidated EBITDA rose six percent against 2010 from P33 billion to P35.1 billion with the growth in revenues exceeding the 13 percent rise in operating expenses and subsidy used to support the aggressive subscriber acquisition campaigns, launch of new products and services, roll out of new concept Globe Stores, and network expansion.
With record high service revenues offsetting the rise in operating expenses and depreciation, core net income, which excludes foreign exchange, mark-to-market gains and losses as well as non-recurring items, was at P10 billion, up 11 percent from about P9.1 billion in the previous year. Reported net income was up one percent to P9.8 billion as prior year's results included P526 million in non-recurring adjustments pertaining to prepaid load credits that have either expired or have been used up.
For more information, please contact:
Ms. Yoly C. Crisanto
Head, Corporate Communications
Globe Telecom, Inc.
Tel. No. (02) 730-2627
Email address: [email protected]