Philippine telecom company posts revenue loss in 2008

Special Report:Global Financial Crisis

MANILA, Feb. 3 (Chinese media) -- Globe Telecom, Inc., the Philippines second largest telecommunication firm, posted a profit decline on lower service revenues as subscribers were spending less on mobile communication in the global economic downturn.

The core income stood at 11.765 million pesos (559,073 U.S. dollars), 14 percent lower than its 2007 profit, said Globe President Gerardo Ablaza, adding that the company's subscribers had increased to 24.7 million across the country last year.

The average revenue per user per month for postpaid clients fell to 1,440 pesos last year from 1,588 pesos in 2007. Prepaid clients for the Globe brand spent an average of 206 pesos a month last year, down from 244 pesos in 2007, Ablaza said.

The global economic turmoil has been taking toll on this Southeast Asian country, dragging its annual economic expansion to 4.6 percent in 2008 from the record high of 7.2 percent in 2007.