Rise in investments, costs hit Globe Telecom 2012 net profit

Globe Telecom Inc. said Wednesday net profit in 2012 dropped 30% due to increased investment in network expansion and higher costs related to attracting new postpaid subscribers.

Net profit last year declined to 6.86 billion Philippine pesos ($169 million) from PHP9.83 billion in 2011, said Globe, the Philippines' second-largest telecommunications company