By James A. Loyola
Technology firm Xurpas, Inc. posted a 17 percent growth in consolidated net income to P154.74 million in the first half of 2017 from P132.51 million in the same period last year despite a drop in the second quarter.
In a disclosure to the Philippine Stock Exchange, the firm said revenues were still mainly driven by mobile consumer services, comprising 71 percent of first half revenues this year.
Total revenues increased by 65 percent for the comparable period, from P736.09 million in the first half of 2016 to P1,214.61 million in 2017.
“The full effect of new revenue segments from investments and acquisitions in 2016 were realized in 2017. These were mobile consumer services revenues derived from Art of Click,” Xurpas said.
Although revenues breached the P1-billion mark for the first half of 2017, there has been a slowdown in company growth in the second quarter, primarily due to Art of Click.
“However, the Company is implementing a recovery plan while continuing to develop its various platforms and aggressively push its enterprise and e-commerce services,” Xurpas said. The blended cost of services (aggregating the subsidiaries’ costs) increased by 107 percent from P352.66 million for first half of 2016 to P729.05 million for the comparable period in 2017.
Cost of goods sold attributable to other services was P26.33 million for first six months of 2017 compared to P16.45 million in 2016, an increase of 60 percent.
General and administrative expenses increased by 43%, from P168.98 million for the first half of 2016 to P242.03 million for the same period in 2017.