Globe Telecom Inc. reported a net income of P12.4 billion in the first half of 2025, down 14 percent from P14.5 billion a year ago, as higher depreciation, interest expense, and non-operating charges weighed on earnings despite gains from its investment in Mynt.

The company said in a stock exchange report on Wednesday that the figure includes a P2.6 billion gain from MUFG’s acquisition of an 8 percent stake in GCash operator Mynt and higher equity earnings from affiliates. 

Stripping out these one-time gains, Globe’s normalized net income stood at P10 billion, a 16 percent decline from the previous year.

Core net income, which excludes foreign exchange and other non-recurring items, reached P10.4 billion, 11 percent lower than the P11.7 billion posted in the first half of 2024. However, second-quarter core earnings improved 30 percent quarter-on-quarter to P5.9 billion from P4.5 billion.

“Our second quarter performance underscores the growing impact of our cost and operational efficiency efforts. The sequential growth in revenues, core net income, stable margins, and rising contributions from Mynt reflect not just financial discipline but the operational strength of our entire organization,” Globe President and CEO Carl Raymond R. Cruz said.

“These results are a reflection of our strong execution, focused on delivering value to our customers even in a mature and competitive market,” he added.

Globe’s total gross service revenues for the January to June period reached P80.2 billion, slightly lower than the P82.2 billion recorded a year earlier.