Globe Telecom on Monday has sold an additional 48 towers to PhilTower Consortium Inc. for P710 million.
The latest batch of towers brought the total number of transferred towers to 1,148 worth P14.7 billion of total holdings of 1,350 towers.
The value of the entire transaction is estimated at P20 billion.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company,” Globe said.
In August 2022, Globe agreed to sell then leaseback all its 5,709 telecommunications towers and passive infrastructures in two deals worth P71 billion.
Of the total, 2,180 towers will be sold to MIDC for P26 billion while the remaining 3,529 towers will be sold to Frontier Tower Associates Philippines Inc. for P45 billion.
Globe earlier reported net income of P6.8 billion in the January to March period, down 7 percent from P7.3 billion in the same period last year.
Excluding the one-time gain from the tower sale, normalized net income would have been at P5.8 billion, a 13 percent increase compared to previous year.
Globes’s core net income soared to P5.8 billion in the first quarter, up 13 percent compared to the same period last year.
The company’s consolidated gross service revenue grew P41.1 billion in the first three months despite the decline in home broadband and non-telco services.
