Industry giant Globe Telecom recorded stronger earnings in the first quarter of the year despite the slowdown in its flagship mobile business.
Bolstered by demand for internet during the COVID-19 pandemic, Globe saw core profit jump 11 percent to P7.3 billion from January to March compared to the same period in 2020. Service revenues gained 3 percent to P37.8 billion.
Warning signals also flashed as a key profit indicator declined and the company spent more on marketing and subsidies while allotting bigger provisions for customers unable to pay their bills due to the pandemic.
“It will be a very challenging year to the extent that lockdowns have really done damage. I think it’s …
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