MANILA, Philippines — Ayala-led Globe Telecom Inc. announced Tuesday a big cut on its capital expenditure (capex) for this year, after state-initiated lockdowns meant to fight the coronavirus pandemic stalled network expansion plans and sapped profits in the first half. Despite the deep cut in its capex, Globe said it already invested P20.9 billion in its network from January to June, 10% higher compared to the same period last year. Mobile data and digital solutions will also increase traction with more customers adopting a digital lifestyle in the new normal," Cu added. But with a 72% share in the company's consolidated service revenues, the drop in mobile service revenues was heavy enough to pull down Globe's bottom line. On Tuesday, shares in Globe gained 2.78% to close at P2,070 each at the stock exchange.

Source: Philippine Star August 04, 2020 10:52 UTC