Xurpas posts 20% higher earnings in ’15

Listed technology company Xurpas Inc. said profit rose in 2015 as it recorded higher revenues from its core businesses and new acquisitions.

Xurpas said in a statement to the Philippine Stock Exchange Wednesday that net income in 2015 was up 20 percent to P229.6 million. Its operating margin stood at 36 percent.

Revenues during the period jumped 135 percent to P921.22 million. Specifically, Xurpas said core mobile consumer services accounted for P266.69 million or 50 percent of the total P529 million net increase in revenues. The company’s gross profit increased 93 percent to P536.71 million for the year from P278.35 million in 2014, with gross margins of 58 percent.

The company said it remained profitable despite the expiry of its tax holiday in 2014, an increase in expenses due to new business investments, market expansion to Indonesia, and other non-recurring expansion related costs.

Xurpas’ core net income for 2015 stood at P250.80 million if non-recurring expenses related to its acquisitions were excluded, the statement showed.

“This past year, we have been investing heavily into new expansion opportunities for the company and we have yet to see the full potential of these investments,” Xurpas CEO Nico Jose Nolledo said in the statement.

Nolledo said the company had two business segments when it listed in 2014. These were in mobile consumer games and mobile enterprise development in the Philippines. Miguel R. Camus