newsdog Facebook

Xurpas 2017 profit down 66% on one-time costs

News Summed Up 2018-04-16 05:30:00

TECHNOLOGY firm Xurpas Inc. saw its 2017 net income drop 66 percent due to one-off expenses and the consolidation effects of its acquisitions. In a disclosure on Monday, Xurpas said earnings last year dropped to P102.57 million from the P304.9 million recorded in 2016. However, the company posted a strong performance, surpassing the P2-billion mark at P2.10 billion, up 8 percent from 2016’s P1.95 billion buoyed by its mobile business. Despite a challenging market for the advertising business, mobile consumer services posted a 19 percent increase in revenues to P1.44 billion, accounting for 68 percent of the total revenues of the group. Other revenues in the period, attributed to its unit Storm Technologies Inc., rose 84 percent to P99.44 million.