NOW Q1 net hits P3.53M
NOW Corp. posted higher earnings in the first quarter of 2018 on the back of its budding broadband business and lower costs.
NOW said in a stock exchange filing that net income during the period hit P3.53 million, up 248 percent over the same period last year. Total revenues tripled to P24.5 million from P5.98 million.
NOW said gains were propped up by it Fiber-in-the-Air business, which is being rolled out in Metro Manila. It added that operating expenses were lower by 9 percent to P3.53 million during the first quarter.
“The priority this year is the expansion of our Fiber-in-the-Air network as well as complementing IT services such as cloud services, disaster recovery, artificial intelligence and collaboration tools,” said Kristian A. Pura, NOW head of business development and strategy.
“To date, we have activated more than 150 locations and we continue to expand in the deeper parts of Metro Manila,” he said.
The company’s fiber service covers internet-dependent industries such as schools, hospitals and government institutions.
These include the Manila Broadcasting Company, Philippine Daily Inquirer, Manila Bulletin, Marco Polo Ortigas, Manila Medical Center, and Capitol Medical Center. It also serves government agencies such as the Department of Environment, National Bureau of Investigation, Natural Resources and the Presidential Management Staff.
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