FORT LAUDERDALE, Fla. -- Globe Telecom registered consolidated service revenues of P16.0 billion in the first quarter, 3%higher than last year given the steady performance of the Company’s wireless business and thesustained expansion of its broadband and wireline data business. Revenues from the wirelessbusiness increased by about P120 million or 1% year on year to reach P14.0 billion, while thewireline and broadband business grew 17% or about P300 million to close the period with recordhigh quarterly revenues of P2.1 billion.

Net income after tax was P4.0 billion, 17% above last year’s P3.4 billion. This quarter’s netincome includes an after-tax gain of P398 million arising from an equipment exchange transactionwith an equipment supplier. Excluding foreign exchange and mark-to-market gains and losses aswell as the gain from the equipment exchange transaction, core net income grew 5% to P3.7billion from P3.5 billion a year ago. Consolidated EBITDA margin was at 61% for the periodcompared to 64% for the same period last year and 55% from last quarter.

The wireless business posted healthy subscriber growth with total SIM base expanding 21%year-on-year to 25.7 million subscribers. While net additions remained healthy, average revenueper subscriber declined as a result of continued multi-SIM usage and low usage levels of newsubscribers.

Meanwhile, the Company’s broadband business continued to post strong growth, with over287,000 broadband subscribers by quarter-end, more than double last year’s level. Subscribersof the Company’s fully mobile broadband service Globe Broadband Tattoo comprised almost 75%of this quarter’s net subscriber additions. With sustained double digit subscriber growth,broadband revenues rose 58% year-on-year to close the quarter at P640 million.

“We are encouraged by the continued growth of our overall business, especially considering thechallenging environment against which it was achieved,” Ernest L. Cu, President and CEO ofGlobe Telecom, Inc. said. “Moving forward, we will remain focused on enhancing our services,strengthening our brand propositions and product offers, and improving our processes tocompete effectively in this highly demanding and competitive market.,” said Mr. Cu.

Globe Telecom Inc.