Converge ICT Solutions Inc. said Monday net income grew 27.9 percent in the first quarter on the back of higher subscriber base.
Converge ICT reported a net income of P1.97 billion in the first quarter, up from P1.54 billion in the same period last year. Consolidated revenues went up 39.7 percent to P7.74 billion from P5.54 billion.
Revenues from residential business climbed 42 percent from P4.79 billion to P6.81 billion, driven by a 52.5-percent year-on-year growth in subscriber base. As of end-March, Converge had 1.80 residential subscribers, up 52.5 percent from last year,
Average monthly revenue per user declined to P1,243 in the first quarter because of rebates awarded to subscribers who were not provided broadband in the areas affected by Typhoon Odette.
Enterprise revenues grew by 25.1 percent year-on-year, from P749.7 million to P938.2 million, mostly from the strong growth in the small and medium enterprise segment.