MANILA, The Philippines-Ayala-owned Globe Telecom announced it posted a consolidated net income of 6.84 billion Philippine pesos (US$129 million) in 2002, 59-percent higher than the 4.3 billion pesos (US$81.1 million) earned a year earlier.
Globe Chairman Jaime Augusto Zobel de Ayala said the company’s market capitalization is now bigger than even that of Ayala. The cellular firm has a market capitalization of 80 billion pesos (US$1.5 billion) and is considered the second-most valued company in the country.
According to Ayala, the industry is reaching a maturity phase, with metropolitan Manila already having a cellular penetration rate of more than 75 percent.
He expects growth during the next few years to come from the rest of the country, with the market still capable of adding around 3.5 million to 4 million subscribers each year. Ayala also pointed out he anticipates huge opportunities for the company in tapping the youth market, as well as the growing demand for data services.
