A partnership between Converge ICT Solutions and Elon Musk's SpaceX may not happen in 2021, but it could be sealed"in a year or in a year and a half."with SpaceX for a potential broadband satellite venture for remote Philippine areas.
"We are really not yet close [to reaching] the agreement because I think they have priority in doing some [business] in the American areas, more in the Caribbean," said Converge chief executive officer Dennis Anthony Uy in a briefing on Monday, May 17.Converge earlier said new technologies are being explored to bring high-speed broadband to far-flung areas.
"To be able to complement the whole segment of the market is very important. For those that are not reachable by our network, this is the way. We need to partner with new technology, which can deliver high-speed, low latency [connections]," said Uy.On Monday, Converge reported its net income almost tripled to P1.55 billion during the first quarter of 2021, driven by strong subscriber growth.As a result, revenues almost doubled to P5.5 billion versus the P3.
The residential business continued to rake in revenues, growing more than double to P4.8 billion during the first quarter. Revenues for its enterprise business, meanwhile, inched up by 2.2% to P750 billion.Corporate Recovery and Tax Incentives for Enterprises lawDuring the first quarter, Converge laid out 9,600 kilometers of fiber optic cables, reaching a total of 352 cities and municipalities., which would allow Converge to roll out its commercial services by the second half of 2021.
Hopefully, it isn't like Cignal Connect's ridiculous and absurd satellitebroadband speeds. It's a fucking joke! 🤣🤣🤣
See when you give them competition, they tend to up their game.
'lowered corporate income tax, gave a 'strong profit boost' 😁