Globe’s Q4 net profits drops sharply on marketing costs; full-year profits, revenue steady

Globe Telecom of the Philippines reported a steep fall in net income for the last three months of 2011 due to higher than expected marketing costs following the merger of its two main rivals Philippine Long Distance Telephone Company (PLDT) and Digital Telecommunications Philippines Inc (Digitel), although full year profits and income were up year-on-year. Globe said its fourth-quarter profits tumbled by 29% to PHP1.85 billion (USD43.6 million) from PHP2.60 billion in Q4 2010 as a result of higher marketing spending ‘to kick off the company’s 2012 sales programmes and to counter the increased marketing push of competition during the period,’ it said.

See original article:
OVETEL Globe’s Q4 net profits drops sharply on marketing costs; full-year profits, revenue steady