Listed Globe Telecom Inc. saw its net income decrease by 2 percent to P6.59 billion in the first quarter of 2020 from P6.73 billion in the same period last year. In a statement on Tuesday, the Ayala-led telecommunications giant attributed the lower profit to higher depreciation charges and investment losses. Its consolidated service revenues rose by 2 percent to P36.9 billion from P36 billion year-on-year, still buoyed by strong demand for data. Corporate data revenues rose by 4 percent to P3.2 billion. Globe shares rose by 1.86 percent or P42 to close at P2,300 each on Tuesday.

Source: Manila Times May 05, 2020 18:56 UTC