Tags:SingTel | broadband

Globe Telecom , the Philippines'' second-largest telecoms company, reported that core net profit in the first quarter fell 4% to 3.5 billion pesos, a Reuters report said.

Globe, owned by SingTel and domestic conglomerate Ayala , is focusing on boosting broadband revenues and keeping a tight lid on costs as rising inflation at home eats into Filipinos'' texting and mobile phone calls, the Reuters report said.

The company said last month that it would be difficult to achieve double digit revenue growth this year as rising food and fuel prices soak up consumer income.

Globe''s first quarter service revenues were flat at 15.5 billion pesos after expanding 11% in 2007, the company said.

It said first quarter net income was 3.4 billion pesos, up 32% over the 2007 period when there were one-time charges of 1.3 billion pesos for a bond redemption.

According to Reuters Knowledge, Globe is expected to post a 16% rise in net profit this year to 15.38 billion pesos. Analysts do not generally give quarterly profit forecast for Philippine companies.


Source:telecomasia.net