Globe Telecom has invested P10.7 billion (+22 percent) on its network, representing 29 percent of gross service revenue in Q1 2020.
Globe Telecom spent 68 percent of the Capex for data-related requirements. This investment allowed Globe to ensure stable data connections and provide enhanced internet services to its customers during COVID-19.
Globe Telecom said Capex guidance for the second quarter will be lower by at least P2 billion from the first quarter Capex spend.
“Although plans to ramp up spending once operations normalize are in place, the full impact on the planned 2020 Capex will be re-evaluated once lockdown is lifted on 15 May 2020,” said Globe Telecom CEO Ernest L. Cu said.
Globe Telecom reported revenues of P36.9 billion (+2 percent) for the first three months of 2020. Data revenues account for 75 percent of total service revenues versus 69 percent last year.
EBITDA stood at P20.5 billion with EBITDA margin reaching 56 percent from 55 percent in 2019. Net income fell 2 percent to P6.6 billion.
Globe Telecom’s mobile business revenues did not grow reaching P26.8 billion due to lower pre-paid top up and post-paid acquisitions. Mobile revenues comprised 73 percent of the total service revenues. Mobile subscriber base rose 7 percent to 89.3 million.
Mobile data revenues touched P18.5 billion versus P16.5 billion as customers spend more time online during coronavirus epidemic. Mobile data now accounts for 69 percent of mobile revenues from 61 percent a year ago. Mobile data traffic jumped 41 percent to 522 petabytes in the first quarter.
Home Broadband business revenues grew to P5.8 billion from P5.2 billion. Home broadband subscriber base rose 32 percent to over 2.2 million, driven mainly by the rising level of fixed wireless broadband users.
Globe Telecom’s Corporate Data revenues rose 4 percent to P3.2 billion.