Ayala-led Globe Telecom Inc. banked on contributions from its one-off equity earnings from the parent firm of popular e-wallet GCash to weather headwinds that led to a dip in its profit in the first half of the year.

In a disclosure to the Philippine Stock Exchange (PSE), Globe reported that its net income from January to June stood at ₱12.4 billion, down from ₱14.5 billion during the same period last year.

The telco attributed the decline to the impact of higher depreciation, interest expense, and non-operating charges.

These factors were offset by higher equity earnings from affiliates and the ₱2.6-billion gross gain from the deemed disposal of the company’s stake in Mynt, the holding company of GCash.

In the first quarter, Tokyo-based Mitsubishi UFJ Financial Group (MUFG) acquired an eight-percent stake in Mynt, reducing Globe’s ownership in the GCash operator to 34 percent.

During the first six months of the year, Globe's share in Mynt's equity earnings surged to ₱3.8 billion, up 78 percent from ₱2.1 billion last year.

Mynt now makes up 26 percent of Globe’s pre-tax profit, more than double its 12-percent contribution from the previous year.

Globe President and Chief Executive Officer (CEO) Carl Cruz said the rising contributions from Mynt reflect the company’s operational strength.

“These results are a reflection of our strong execution, focused on delivering value to our customers even in a mature and competitive market,” said Cruz.

Globe recorded a two-percent dip in revenues to ₱80.2 billion in the first half from ₱82.2 billion on the back of shifting consumer preferences and other external factors.

The telco said earnings from its mobile business declined by two percent to ₱57.1 billion compared to last year’s ₱58.4 billion.

Mobile data revenues continued their strong momentum within the segment, rising to ₱48.8 billion, with data users reaching 37.8 million.

While its home broadband segment slid to ₱11.7 billion in the first half, Globe’s GFiber Prepaid continues to see rising demand as the country’s fastest-growing prepaid fiber brand.

The service has seen over 544,000 subscribers by the end of June, with reload rates of 68 percent, which is the highest among other brands.

Cruz said the continued momentum of GFiber Prepaid shows that the company is delivering “real empowerment to every Filipino.”

Globe decreased its capital expenditures (capex) in the first half to ₱18.9 billion from ₱28.3 billion last year as part of ongoing efforts to optimize capital deployment.

For 2025, the telco is planning to keep its 2025 capex below $1 billion for capex, as it targets positive free cash flow.