NEWLY listed mobile content provider Xurpas Inc. said net income in the first nine months surged 66 percent from a year earlier on strong growth in revenues, mostly from mobile content services.
In its quarterly report, Xurpas said net income from January to September rose 66 percent to P147.55 million from P88.68 million a year ago, while revenues grew 61 percent to P276.1 million from P171.93 million previously.
Xurpas said sales were driven mostly by its mobile content services segment, which contributed 82 percent or P227.66 million of total revenues.
Operating expenses in the nine months rose 50 percent to P98.68 million from P32.91 million last year.
Last month, SB Capital Investment Corp. said it expects Xurpas to grow its net income to P379 million in 2015 due to increasing data and smartphone usage in the Philippines and in the Southeast Asian region.
With its initial public offering last December 2, the company raised P1.37 billion from the sale of 344 million shares priced at P3.97 apiece. The offering was four times oversubscribed.
As of the close of trade on 23 December, its share price has now more than doubled to P9.74 apiece.
Xurpas plans to expand in Indonesia, Thailand, Malaysia and Bangladesh next year. The P1.37 billion in IPO proceeds will be used for its Southeast Asian expansion (60 percent), development of games and other content (20 percent) and for working capital (20 percent)
After expanding in the Southeast Asian market, Xurpas will set its sights on the greater emerging markets in the longer term.
Xurpas is a technology company specializing in the creation and development of digital products and services for mobile end-users, as well as the creation, development and management of proprietary platforms for mobile operators. It has two business segments: gaming and enterprise which is focused on telecommunications solutions.
It specializes in “casual game communities” wherein prepaid subscribers can gain unlimited access to 15 games that can be played with multiple online subscribers for a minimum of P5.
Notable casual games the company has developed include Globe Games with Friends, Let’s Play Smart, and Grab-A-Gold.