GLOBE Telecom, Inc. saw its net income for the first quarter increase by 86% to P13.7 billion year on year, mainly due to an improved topline and the partial sale of its data center business.

“The sustained revenue momentum was powered by the gains from data-related products and services as internet use remained an essential service for learning, e-commerce, telecommuting and entertainment,” it said in a statement on Thursday.

Globe’s first-quarter financial report showed its service revenue grew by 4% to P39.2 billion.

The company noted that its overall data revenues across mobile, broadband and corporate data accounted for 81% of total service revenues, up from 79% previously.

Its mobile business revenues in the first quarter grew by 2% from P26.3 billion the previous year, primarily because of the prepaid brands.

The company’s mobile subscriber base grew by 10% from the previous year to 87.4 million.

Meanwhile, revenue of its home broadband business fell by 4% to P70 billion, but it is “still better than pre-pandemic levels,” Globe noted.

At the same time, the company announced that it invested P21 billion in capital expenditure (capex) projects in the first quarter of the year, 10% more than the level in the same period last year.

It said about 82% of the capex went to data-related requirements to handle the surge in demand for digital services.

“We are pleased with our performance in the first quarter, as the top-line growth momentum was sustained. We saw encouraging results particularly in the mobile business as the government continuously eased pandemic restrictions and the economy opened up,” Globe Telecom President and Chief Executive Officer Ernest L. Cu said.

“We are likewise optimistic about the growth prospects for the new ventures in Globe’s expanding portfolio. We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network will strengthen our leadership in the digital space,” he added.

Globe Telecom shares closed 7.47% higher at P2,388 apiece on Thursday. — Arjay L. Balinbin