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Converge cuts capex as typhoons disrupt rollout
The Philippine Star
|November 14, 2024
Broadband specialist Converge ICT Solutions Inc. is rolling back its capital expenditures for the year by at least P4 billion, but may ramp up spending in 2025 to make up for project delays.
Converge is expected to roll over P4 billion in capex to 2025 to catch up on its project deliveries, as the company may fail to use up all of its budget allocated for 2024.
Converge chief finance officer Robert Yu said the company would miss out on its capex guidance of P15 billion to P17 billion due to challenges faced in its fiber rollout.
Yu said Converge found it difficult to build up its infrastructure network throughout the year, as the Philippines was hit with typhoons, delaying project timelines. In turn, Yu said capex may just reach P11 billion to P13 billion this year.
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