Globe Telecom Inc, the Philippines secondlargest carrier, reported Monday a
13 percent increase in net profit to 13.3 billion pesos in 2007 as revenue hit a
Core net profit, which strips out oneoff items such as costs related to a bond
redemption, grew 27 percent to 13.7 billion pesos.
Revenue increased 11 percent to 63.2 billion pesos, driven by gains in its
wireless and fixed line businesses.
Quarterly results were not immediately available.
We hope to sustain this growth into 2008 through continued focus on the needs
of our subscribers and disciplined execution of our strategy blueprint, said
president and chief executive Gerardo Ablaza.
Globe, controlled by Philippine conglomerate Ayala Corp and partly owned by
Singapore Telecommunications, ended 2007 with 20.3 million cellphone
subscribers, 30 percent more than a year before.
Globe declared a semiannual cash dividend of 37.50 pesos per common share, or a
total of 5 billion pesos, for shareholders on record on Feb 18. Payment will be
on March 13.
This is consistent with the companys dividend policy of distributing 75 percent
of the previous years net profit and represents a 14 percent increase over the
previous semiannual dividend of 33 pesos.
For 2008 Globe is allotting about 400450 million US dollars for capital
expenditure, compared to last years total capex of 13.9 billion pesos. Most of
this years budget will be invested in its cellphone and broadband segments.
Shares in Globe gained 40 pesos or 2.5 percent to close at 1,640 pesos on
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