MANILA, Philippines – Globe Telecom said it had reached the goal of installing one million fiber lines this year as demand for fixed line internet increased during the COVID-19 pandemic.
In a statement on Friday (September 17), Globe said the completion occurred “three months ahead of schedule” and will allow future subscribers to access faster Internet speeds and stream better quality videos and webinars.
“All of our regional teams came in great numbers, especially in Luzon, which helped achieve our aspiration despite the continuing challenges of the pandemic,” said Joel Agustin, Globe’s senior vice president of program delivery, networking technical group, in a release.
“With deployments in full swing, we hope to maintain momentum through the end of the year,” he added.
Globe Telecom previously noted accelerated growth in its home broadband segment, partly driven by the prevailing COVID-19 lockdowns.
In the first half of 2021, home broadband revenue increased 16 percent to a record P14.5 billion.
Globe ended the period with 4.2 million broadband subscribers, up 47 percent, it said in a pre-stock exchange filing. Of these, the company had 800,000 fixed line subscribers.
The company is in the midst of updating its mobile and fixed line networks, and recently raised its full-year capex target to P76 billion from P70 billion.
From January to June, Globe posted a 19 percent rise in core earnings to P13.2 billion, while total service revenue reached P75.5 billion, up 4 percent.
Mobile telephony, which is Globe’s largest segment, saw revenue grow 1 percent to P52.6 billion from increased internet use and subscriber growth of 2 percent to 81.7 million.
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