Globe beats PLDT and Smart in terms of net income
Globe Telecom Inc. of the Ayala Group topped PLDT and Smart led by businessman Manuel Pangilinan for the first time in terms of net income in 2017, data filed with the Philippine Stock Exchange (PSE) show. Both companies reported an income drop in 2017, but it was PLDT Inc. that suffered a larger decline. Globe said its net profit fell 5 percent year-on-year to P15.08 billion in 2017, while PLDT said profit plunged 33 percent to P13.4 billion.
Globe Telecom – P15.08 billion in net income and P127.9 billion in revenues
PLDT Inc. – P13.4 billion in net income and P143.5 billion in revenues
PLDT's revenues, however, remained bigger than those of its chief rival. PLDT said consolidated service revenues fell 3 percent in 2017 to P143.5 billion, while Globe's consolidated service revenues rose 6 percent to P127.9 billion, the biggest ever for the company.
Globe also had more mobiles subscribers than PLDT's Smart last year. Globe’s mobile subscriber base reached 60.7 million as of end-2017, down from 62.8 million subscribers in 2016. Subscribers of PLDT's Smart, TNT and Sun were around 58 million as of end-2017.
PLDT said it was expecting recurring core income to improve to P23 billion to P24 billion this year, on anticipated growth in service revenues in 2018 by around 4 percent. Meanwhile, Globe Teecom said it was looking at a 4-percent growth in service revenues in 2018.