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Converge income jumps to nearly P2B; targets to grow subscriber base to 1.7M

CONVERGE ICT Solutions, Inc.’s attributable net income for the first three months of the year nearly tripled to P1.55 billion from P573.60 million in the same period last year, owing primarily to an increase in subscribers as the pandemic crisis continues.

Total revenues, which include contributions from residential and enterprise, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period in 2020, the company said in a disclosure to the stock exchange on Monday.

Broken down, revenue from the residential business more than doubled to P4.80 billion from P2.29 billion, while the enterprise segment saw a slight increase of 2.2% to P750 million from P734 million previously.

Converge said its residential subscribers increased to almost 1.2 million as of March 31 this year from 615,466 as of March 31, 2020.

“Converge captured 48% market share of fixed broadband net adds amongst the three largest broadband operators in the Philippines, representing an increase in fixed broadband market share from 19% in March 2020 to 27% in March 2021,” the listed fiber internet provider said.

The company also said around 95% of its new subscribers in the first quarter of the year were first-time fixed broadband users.

At an online briefing on Monday, Converge Chief Financial Office Advisor Matthias Vukovich said: “We are looking to grow our subscriber base to… 1.7 million at the end of the year.”

“We are very much on track to reach that goal,” he added.

Converge ICT shares closed 1.51% higher at P18.78 apiece on Monday. — Arjay L. Balinbin

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