MANILA – The Philippines ' second-largest carrier, Globe Telecom Inc. yesterday reported a 13 percent rise in net income to P13.3 billion year-on-year in 2007.

Core net profit, which strips out one-off items such as costs related to a bond redemption, grew 27 percent to P13.7 billion.

Revenue increased 11 percent to P63.2 billion, driven by gains in its wireless and fixed line businesses. Quarterly results were not immediately available.

"We hope to sustain this growth into 2008 through continued focus on the needs of our subscribers and disciplined execution of our strategy blueprint," said president and chief executive Gerardo Ablaza.

Globe, controlled by Philippine conglomerate Ayala Corp and partly owned by Singapore Telecommunications, ended 2007 with 20.3 million cellphone subscribers, 30 percent more than a year before.*AFP

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