Globe raises capex guidance to P76 billion

0
146

GLOBE Telecom, Inc. revised its capital expenditure (capex) guidance for the year, increasing it to P76 billion from P70 billion previously, a company official said.

“Full-year capex is now at P76 billion from P70 billion,” Globe Chief Finance Officer Rizza M. Eala said at an online press briefing on Monday.

“We cannot give a breakdown, but suffice it to say that 90% of that will be spent on data-related requirements,” she noted.

Globe’s capex spending for the first half of 2021 totaled P43.3 billion with 88% for data-related requirements.

The company has been ramping up its network rollout. It now has 641 new cell towers, and it upgraded 8,175 mobile sites as of the first half.

Globe said it currently has 1,759 fifth-generation (5G) sites nationwide.

The telco has installed 600,000 broadband lines.

Globe recently reported a 6% improvement in its second-quarter attributable net income to P5.68 billion, as its home broadband business continued to grow.

Total revenues jumped 9.9% to P41.36 billion in the second quarter, bringing the first-half total 7% higher to P84.2 billion.

“Going forward, we will stay focused on innovation in the areas of fintech, healthcare, education, and e-commerce, among others, to help Filipinos thrive in this pandemic and best position ourselves for the remainder of 2021 and beyond,” Ernest L. Cu, president and chief executive officer of Globe, said in a statement.

Globe Telecom shares closed 0.25% lower at P1,980 apiece on Monday. — Arjay L. Balinbin