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Philippines Phone Cards News, Philippines Telecom
Philippines Globe Telecom 2007 net profit rises 13 percent

Date: 2/4/2008 4:58:00 PM

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 record high.

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 Monday.

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Source: http://www.forbes.com/markets/feeds/afx/2008/02/04/afx4608865.html


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