ASEAN KEY DESTINATIONS
Globe Telecom posts P4.9-B net income in Q3, up 78%
Globe Telecom Inc. posted a net income of P4.9 billion, up 78 percent from P2.74 billion a year earlier, helped by the acquisition deal with Ant Financial Services Group and parent Ayala Corp.
"This outstanding result was mainly due to the recognition of a one-time gain related to the fair value of retained equity interest of Globe in Globe Fintech Innovations Inc. (Mynt), arising from the investment of Ant Financial Services Group and Ayala Corp.," the company said.
Ant Financial Services Group, controlled by Chinese billionaire Jack Ma, acquired a 45 percent equity in Mynt.
Globe said it recognized a one-time gain of P1.889 billion from the transaction.
"This one-time gain offset Globe’s share in equity losses and spectrum amortization related to the SMC telco asset acquisition, higher interest expenses, and depreciation charges booked during the period," the company said.
In a disclosure to the Philippine Stock Exchange on Friday, Globe reported revenue of P32.2 billion, up 9 percent from P2.95 billion.
In the first nine months of the year, the company's bottom line stood at P13 billion, up 11 percent year-on-year.
Globe’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to P40.6 billion, up 8 percent from P37.51 billion.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below