Digital solutions platform Globe said Monday it plans to expand its tower lease agreement with Skytowers Infra Inc., a Philippine subsidiary of Thai firm Sky Tower Plc., in the Visayas and Mindanao.
Globe and Skytowers signed a lease agreement covering several towers in Southern Luzon on Feb. 6, 2022. This is in line with Globe’s strategy to monetize passive assets to maintain a healthy balance sheet.
Complementing Globe’s sustainability efforts, the tower company is determined to reduce its carbon footprint by using renewable energy to lessen fossil fuel consumption.
“This partnership represents an important step in improving digital infrastructure in the Philippines, and we are excited to work with Skytowers to bring sustainable solutions to the market,” said Globe president and chief executive Ernest Cu.
“We look forward to further strengthening our relationship with Thailand in this venture and other areas of collaboration,” he said.
Skytowers Infra Inc. is affiliated with Electric Power and Telecommunication Infrastructure which has extensive experience in engineering, design and manufacturing of infrastructure build.
It offers telecom services and T3 technology for broadband/fiber optic solutions in markets such as Thailand, Malaysia, Vietnam and Indonesia.Globe earlier reported a net income of P26.5 billion from January to September last year, up 48 percent from P18 billion in the same period in 2021.
Core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to-market charges, ended at P16 billion. Normalized core net income was flat year-on-year.
Consolidated service revenue hit a record P118 billion, up 3 percent year-on-year led by corporate data and mobile services, supplemented by the sustaining growth from non-telco services. Darwin G. Amojelar