ICT

booked P2.17-b net income in Q1

By Darwin G Amojelar

CONVERGE ICT Solutions Inc. on Thursday reported a 10-percent increase in first-quarter net income on the back of higher subscriber base.

The country’s only pure-play highspeed fixed broadband operator said net income amounted to P2.17 billion from January to March, up from P1.97 billion in the same period last year.

Consolidated revenues grew 11.5 percent to P8.64 billion from P7.74 billion in the same period.

Revenues from the residential business went up by 8.6 percent to P7.4 billion from P6.81 billion, driven by a 6-percent year-on-year growth in subscriber base.

Enterprise revenues also climbed 32.8 percent in the first quarter to P1.24 billion from P935 million a year earlier.

Converge garnered 43,000 net adds in the first three months, continuing the quarter-on quarter net adds growth.

FiberX, the company’s postpaid brand, remained the largest contributor of net adds with 28,792, up by 10 percent from the fourth quarter’s 26,252.

The Surf2Sawa, its prepaid segment, contributed 14,208 net adds in the quarter. The company’s total subscriber base stood at 1.92 million as of end-March.

Converge said it planned to fully launch its prepaid fiber-to-the-home broadband service by June this year, targeting the low-end market nationwide.

“This is the next source of growth.

We are still growing very well for postpaid, but it will provide an additional pot on the revenue potential in the growth of the company,” Converge chief operations officer Jesus Romero told reporters in a virtual briefing.

Cosco Capital’s profit grew 14% to P3.1b in first quarter

By Jenniffer B. Austria

COSCO Capital Inc., the listed retail holding firm of businessman Lucio Co, said Thursday three-month net income expanded 14.4 percent to P3.1 billion from P2.7 billion in the same period last year, driven by strong performance of retail and liquor businesses.

First-quarter consolidated revenues jumped 16 percent to P47.5 billion from P40.7 billion, the company said in a disclosure to the stock exchange.

“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of higher revenue growth across all its business segments which indicates the recovering consumer demand,” Cosco said.

It also attributed the double-digit growth in net profit to the gross margin enhancement strategies it implemented and the sustained strategic cost and expense management which slowed down the growth in expenses versus revenues. The group’s grocery retailing businesses under

Puregold Price Club, Inc. and S&R Membership

Shopping Club contributed 78 percent of total net income in the first quarter, followed by the liquor distribution with 13 percent and commercial real estate segment with 9 percent.

Puregold booked first-quarter net income of P2.4 billion, up 12 percent year-on-year, as net sales rose 15 percent to P44.4 billion.

Liquor firm The Keepers Holdings Inc. saw its net income increase 26.5 percent to P420 million on strong sales of imported brandy, wines, spirits and specialty beverages.

Consolidated revenues amounted to P2.9 billion, a 33.6-percent growth versus the previous year on the back of a 30-percent increase in volume of cases sold. The commercial real estate segment also posted a 8.7 percent growth in rental revenue amounting to P488 million in the first quarter as business operations improved due to easing mobility restrictions, increased level of economic activities and full resumption of rental rates based on contracts.