Globe Telecom reports net profit of USD67.7 million in Q2 (Philippines)

www.WireGlobe Telecom has reported net profit of PHP3.25 billion (USD67.7 million) in the April-June 2009 period, in comparison to PHP2.79 billion in  the corresponding period of 2008, attributed to strong subscriber growth and lower corporate income tax. According to a media report, Globe’s second-quarter revenue also mounted to PHP15.73 billion from PHP15.58  billion over the same period, helping boost the group’s first-half profit to PHP7.2 billion from PHP6.2 billion in 1H 2008 as cellular subscribers  increased from 22.7 million to 25 million at the end of June. The operator did point out however that the latest subscriber figure is below the 25.6  million it recorded at the end of March this year.

‘While acquisition remains an important part of our wireless strategy, we believe that our focus  should increasingly move towards promoting retention and stimulating usage, particularly in the face of a maturing market,’ said Globe President  and CEO Ernest Cu. ‘We want to break the cycle of acquiring and reacquiring marginal subscribers, and are recalibrating our sales drives to deliver profitable growth and acquire better quality subscribers,’ he added.