Globe Telecom Inc.’s first-quarter net income fell 20 percent year-on-year to P5.6 billion from P7 billion, due to higher net interest expenses and the absence of one-off gains recorded last year, despite continued core business growth.

The Ayala-led telecommunications company said Tuesday the decline in net income after tax was primarily due to last year’s gains from the dilution of Globe’s stake in Mynt following the MUFG investment, as well as tower sale gains. However, these were partly offset by stronger equity earnings from affiliates.

Core net income, which excludes foreign exchange and mark-to-market movements, rose 9 percent year-on-year to P4.9 billion.

Consolidated gross service revenues

Consolidated gross service revenues also grew 5 percent to P42 billion, driven by sustained mobile data demand, continued fiber adoption, and resilient enterprise ICT activity.

EBITDA, meanwhile, increased 7 percent year-on-year to P22.2 billion, while EBITDA margin improved to 52.8 percent from 52.1 percent previously.