Listed Globe Telecom Inc. reported on Wednesday that its net income dropped to P15.9 billion in the first nine months of 2020 on lower revenues despite showing signs of recovery in the third quarter. For the third quarter alone, Globe’s net profit reached P4.39 billion, a 22.16-percent tumble from P4.9 billion in July to September 2019. Service revenues grew by 3 percent to P36.68 billion in the quarter from P35.54 billion in April to June. For the first nine months, Globe invested P33.4 billion, 81 percent of which was put into its network buildup. Globe shares fell by P18 or 0.89 percent finish at P2,002 each on Wednesday.

Source: Manila Times November 04, 2020 16:18 UTC