Converge ICT Solutions Inc. said Thursday net income rose more than double in the first half from a year ago, boosted by higher subscriber base and lower corporate income tax.
The country’s only pure-play high-speed fixed broadband operator said net profit reached P3.25 billion in the January-June period, higher than P1.25 billion recorded in the same period last year.
Consolidated revenues grew by 81.5 percent to P11.78 billion from P6.49 billion on strong and continued subscriber take-up during the period. Revenues from residential business more than doubled to P10.21 billion in the first half from P4.97 billion in the same period last year, driven by an 85-percent year-on-year growth in subscriber base and 7-percent increase in residential average monthly revenue per user.
Enterprise revenues grew slightly by 3.8 percent to P1.56 billion from P1.51 billion, mostly from the growth in small and medium enterprise customer base. Residential subscribers reached 1,355,079 as of June from 731,563 a year earlier.
