Globe Telecom Inc. said over the weekend its net income grew 3 percent in the first quarter of 2025, fueled by higher equity earnings from Mynt, the operator of GCash.
The telecom arm of the Ayala Group said net profit amounted to P7 billion in the first quarter, up from P6.8 billion a year ago.
“The growth was mainly fueled by higher equity earnings from affiliates, particularly Mynt, and a P2.6-billion gross gain on the deemed disposal of Mynt, arising from the dilution of Globe’s Mynt ownership,” Globe said.
The dilution occurred after Mitsubishi UFJ Financial Group (MUFG) acquired an 8-percent stake in Mynt. These gains helped offset the impact of higher depreciation, increased interest expenses and other non-operating charges.
Excluding the one-time gains, normalized net income would have reached P4.6 billion, a 21-percent year-on-year decline, mainly due to higher financing costs.
The company said excluding non-recurring items and foreign exchange and mark-to-market adjustments, Globe’s core net income reached P4.5 billion in the first three months of 2025, or 22 percent lower than P5.8 billion recorded a year earlier.
The company booked P39.9 billion in consolidated gross service revenues in the first three months of 2025, a 3 percent decline year-on-year amid a challenging market environment.
“Notwithstanding our first-quarter results, we remain steadfast in driving our strategic agenda forward and unlocking greater operational efficiency across the business. The growth in net income, healthy margins and rising contributions from Mynt are a testament to our disciplined and effective execution. These results reflect the solid foundation we’ve built as we continue to transform into a digital solutions partner of choice for Filipinos,” said Globe president and chief executive Carl Raymond Cruz.
“While acknowledging the maturity of the telecommunications industry, we are particularly encouraged by the opportunities for growth in other significant verticals, notably the enterprise sector and the strong growth momentum of our GFiber Prepaid, all while maintaining our position as the number one mobile network in the Philippines. With a customer-first mindset, a strong sense of purpose, and a drive for operational excellence, we are confident in our ability to create long-term value and lead in this dynamic digital landscape,” he said.
Globe’s mobile business generated P28.3 billion in revenues as of end-March 2025, compared to P29.1 billion in the same period last year.
Its mobile customer base expanded to 61.6 million subscribers by end-March 2025, up 5 percent from 58.8 million a year earlier.
The home broadband business revenues reached P5.8 billion, marking a 5-percent drop year-on-year, mainly due to the decreasing contribution of fixed wireless services as customers migrated to fiber.
Globe’s home broadband subscriber base was 1.83 million as of the end of March this year, compared to 1.72 million subscribers at the end of March last year.
The corporate data business reported P4.9 billion in revenues in the first three months of the year, a 2 percent dip from the same period last year.
Non-telco revenues held steady year-on-year at P567 million in the first quarter of 2025. The flat performance reflects strong growth from Asticom and a solid uptick from Yondu, which together helped counterbalance the decline in AdSpark’s contribution.
