Converge Information and Communications Technology Solutions, Inc. reported a 29 percent growth in profit to P8.2 billion in the first nine months of the year from P6.4 billion in the same period last year driven by the strong revenue performance of its residential and enterprise businesses and effective cost management.
Consolidated revenues amounted to P29.9 billion, a 14 percent increase from the P26.2 billion revenues last year on the strong performance of residential and enterprise businesses. Residential revenues accounted for 85 percent of total revenues and grew by 13 percent year-over-year, contributing P2.97 billion to overall growth attributed to a 20 percent rise in the number of residential subscribers.
Enterprise business showed 19 percent growth P4.5 billion from P3.8 billion as the company reached more than 60,000 customers as of September 30.
Robert Yu Converge, chief finance officer, said the company has spent P7.5 billion as of September and is on track to spend P11 billion to P13 billion this year.
