Globe Telecom Inc. on Tuesday transferred an additional 25 towers to Unity Digital Infrastructure (Unity) for P396 million.
The transaction brings the cumulative value of towers sold to 282 towers out of 447 towers for acquisition by Unity for a total P3.34 billion.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayment and debt avoidance with the expectation to improve the balance sheet health of the company,” Globe said.
Globe earlier said it was on track to complete the P96-billon tower sale and leaseback deal by the end of the year.
The company said 88 percent of the towers in the portfolio have been transferred to the tower companies, generating P85.2 billion in gross proceeds.
Globe previously reported a net income of P14.5 billion in the first half this year, a one-percent increase compared to the same period last year.
Excluding a one-time gain from tower sales, normalized net income surged by 19 percent to P11.9 billion in the first half compared to the same period last year.
Excluding non-recurring items, foreign exchange fluctuations, and mark-to-market adjustments, Globe’s core net income went up 18 percent to P11.7 billion. This would have been even higher, at 21 percent, if ECPay had been excluded from Globe’s financial results last year.
The company reported a total of P82.2 billion consolidated gross service revenue during the period, up 2 percent from a year ago, despite the decline in home broadband and non-telco services.
