Connect with us

Hi, what are you looking for?

News

Converge income rises 11% to P2B as revenues climb

LISTED fiber internet service provider Converge ICT Solutions, Inc. announced on Thursday an 11% increase in its third-quarter net income to P2.16 billion from P1.95 billion in the same period a year earlier despite economic challenges.

Matthias Vukovich, chief financial office advisor at Converge, also said that the company has revised its capital expenditure guidance for the year to P21-23 billion from the P25 billion set previously.

Total revenues for the third quarter rose 20% to P8.43 billion from P7.05 billion in 2021. This was driven by the revenue growth in the company’s residential and enterprise businesses.

The cost of services for the quarter increased 26% to P3.32 billion from P2.64 billion previously.

“Despite the macroeconomic pressures experienced throughout the year, Converge has continued to achieve solid financial growth. This was driven mainly by the growth in our subscriber base,” Converge President Maria Grace Y. Uy said during a briefing.

For the nine months that ended Sept. 30, Converge saw its net income grow 17% to P6.11 billion from P5.2 billion in 2021.

Revenues for the period went up 30% to P24.48 billion from P18.83 billion previously, while the cost of services increased 29% to P9.65 billion from P7.46 billion in the same period last year.

“Our fiber digital highway is now running around 600,000 kilometers, reaching our northernmost provinces in the Ilocos and Cordillera regions up to Palawan and the Bicol region, and the major islands in the Visayas and key cities in Mindanao. And it’s not yet over. Our mission is to reach the underserved areas in the country with our world-class fiber infrastructure,” Converge Chief Executive Officer Dennis Anthony H. Uy said.

The company achieved earnings before interests, taxes, depreciation, and amortization (EBITDA) of P14.4 billion in the first nine months of the year, 39% higher than the previous year.

“As a result, the company’s consolidated EBITDA margin reached an all-time high of 59.0% during the nine-month period,” Converge noted. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Linesmen fix electric posts in Tondo, Manila. — PHILIPPINE STAR/ RUSSELL PALMA PRESIDENT Ferdinand R. Marcos, Jr. is hoping the Court of Appeals (CA)...

News

Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. —...

News

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) surged to P39.981 billion in October, the Bureau of the Treasury (BTr) said. Budgetary support to...

News

Manila rose six spots to 55th place out of 75 ranked centers in the sixth edition of the Smart Centers Index (SCI) by Long...

News

By Arjay L. Balinbin, Senior Reporter METRO Pacific Tollways Corp. (MPTC) said its unit NLEX Corp. expects to award the Candaba Third Viaduct project,...

News

1 of 3 ARMANI’s diffusion line, Armani Exchange, is trading in its old store look for a new one. During a short introduction to...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.