Globe profit hits P17.7 B in 9 months

Telco-to-tech provider Globe Telecom Inc. reported a 14-percent dip in profit in the nine months to September, haunted by tightening industry competition and economic impact of typhoons.

- By ELIJAH FELICE ROSALES

Globe posted a net income of P17.7 billion between January and September, down by 14 percent from last year’s P20.6 billion, due to varying pressures.

For one, Filipinos have dealt with a series of typhoons that forced them to stay at home, reducing their data consumption as opposed to when they are on site for school or work.

Globe posted a two-percent decline in revenue to P121.7 billion, drawing the largest contribution from the mobile segment at P86.2 billion.

The telco mitigated the impact of revenue decline by pursuing cost-cutting measures to cut spending by three percent to P57.5 billion.