Globe Telecom highlighted growth in mobile and corporate data in Q1 as a reason for optimism, with overall revenue rising despite high inflation and interest rates, and other economic challenges.

President and CEO Ernest Cu stated in Globe Telecom’s earnings release it is encouraged by the results, with healthy top-line growth.

He said the operator is “upbeat” about the growth prospects of its digital platforms, which posted significant revenue gains.

Net profit dropped 47 per cent year-on-year to PHP7.3 billion ($132 million), due to a PHP10.5 billion gain booked in Q1 2022 from the sale of its controlling share in a data centre business.

Consolidated service revenue rose 2 per cent to PHP40 billion, with mobile service up 1 per cent to PHP27.1 billion.

Mobile data revenue rose 4 per cent to PHP21.7 billion, with voice and SMS down 12 per cent and 7 per cent, respectively.

Globe Telecom’s mobile subscriber base fell 4 per cent to 84.2 million, with a government SIM registration requirement leading to a loss of 3.2 million prepaid to 81.7 million.

Post-paid subscribers grew 1 per cent to 2.5 million, with ARPU down 4 per cent to PHP850.

Prepaid ARPU grew 1 per cent to PHP98.

Home broadband sales fell 7 per cent to PHP6.5 billion and its corporate data business grew 15 per cent to PHP4.5 billion.

Capex fell 16 per cent to PHP17.6 billion.

The operator added 66 5G sites, taking coverage to 74 cities and towns.

It logged 4.3 million devices on its 5G network in March.