Converge net income climbs to P6.4B

CONVERGE Information and Communications Technology Solutions Inc. said Friday that nine-month net income had increased by 4.3 percent to P6.37 billion from P6.11 billion a year earlier, driven by higher revenues.

Consolidated revenues were said to have grown by 7.2 percent to P26.20 billion from P24.50 billion.

The residential business segment rose by 5.2 percent from P21.4 billion to P22.50 billion, representing 85.6 percent of consolidated revenues for the period.

Enterprise revenues were up by 21.1 percent to P3.80 billion from P3.10 billion owing to the double-digit growth across all enterprise units, with the small and medium enterprise segment rising 37.9 percent.

Total cash capital expenditures stood at P5.2 billion.

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Converge said it gained 2,048,286 subscribers, comprised of 1,966,105 postpaid subscribers and 82,181 prepaid subscribers. Net additional subscribers reached 170,925, 78,623 of which came from the third quarter alone.

Converge’s share price dropped by 3 centavos to close at P8.77 on Friday.

Mike Ibanoz

Mike Ibanoz is an Emmy Award-winning journalist who has spent the better part of two decades covering gadgets and apps, and helping people make smarter tech decisions.

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