Converge says net income after tax hit P3.95 billion in second quarter

ABS-CBN News

Posted at Aug 11 2022 04:19 PM

MANILA — Converge ICT Solutions Inc said on Thursday said its net income after tax grew to P3.95 billion in the first half of 2022 as its continued with its aggressive expansion plans.

Consolidated revenues grew by 36.3 percent to P16 billion in the first half from P11.7 billion in the same comparable period, Converge said in a disclosure to the stock exchange. 

Revenues from the residential business grew by 37.9 percent to P14 billion, while revenues from enterprises business in the first 6 months also grew by 25.5 percent due to the easing of restrictions and recovery from the COVID-19 pandemic, the firm led by Pampanga-based Dennis Anthony Uy said.

As of the end of June, there are 1,817,115 residential subscribers, up 36.1 percent compared to the same month last year, it said.

The pure fiber broadband provider said it also rolled out over 646,000 fiber ports during the second quarter which brought the total ports to 7.2 million, its co-founder Grace Uy said. 

Converge said it remains on track to meet its goal of covering 55 percent of households in 2023 or ahead of its initial goal of 2025.

Converge lowered its spending plan to P21 to P23 billion for the year from the initial P26 to P28 billion, which it said would reduce the need to draw more debt. 

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