Converge ICT Solutions Inc. reported Thursday a 4-percent increase in net income last year despite higher depreciation and financing costs.
The country’s only pure-play high-speed fixed broadband operator said it booked a net income of P7.43 billion in 2022, up from P7.15 billion in 2021.
Converge said fourth-quarter net income amounted to P1.33 billion, down from P1.96 billion in the same period last year.
Christine Renee Blabagno, deputy chief finance officer of Converge, blamed the decline in the fourth-quarter bottomline to the “poor quality subscribers acquisition” in early part of 2022 and higher financing costs.
The company recorded a high churn rate of 2.49 percent in the second quarter and 1.96 percent in the third quarter.
Converge’s consolidated revenues grew 27 percent to P33.69 billion last year from P26.47 billion in 2021.