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.
Revenues for enterprise services segment reached P566 million.
Other revenues in the period, attributed to its unit Storm Technologies Inc., rose 84 percent to P99.44 million.
Its mobile marketing solutions provider Art of Click posted P121.7 million in “impairment losses from bad accounts due to adverse digital advertising marketing conditions.”
Xurpus noted it is already on a path to recover and improve its revenue mix and has elected a new chief revenue officer to boost the business in new industries and territories.
“Our focus for the year 2018 is to move forward from the setbacks of last year, by strengthening our topline growth while rebuilding profitability. We remain committed to building our consumer and HR technology platforms since we believe these hold the keys to our sustained growth,” said Nix Nolledo, chairman and chief executive officer of Xurpas Inc.
“We are also very excited by the huge potential of the blockchain, and expect to leverage this highly disruptive new technology across all our businesses,” Nolledo said.