Globe Telecom profit fell 15% in ’08

Globe Telecom Inc.’s consolidated net income dropped 15 percent to P11.3 billion in 2008 from P13.3 billion in 2007, as higher costs of maintaining a larger network overcame flat growth in total service revenues, the company disclosed to the stock exchange Tuesday.

Consolidated service revenues, from both its wireless and wireline services, fell to P62.9 billion from P63.2 billion in 2007, it said. A drop in wireless revenues was offset by growth in wireline data and broadband earnings, it added.

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