Now H1 income more than doubles to P5.82M

Listed NOW Corp. said earnings jumped higher in the first half of the year, as revenues for IT services and broadband internet went up.

NOW announced that net income from January to June 2018 amounted to P5.82 million, up 158 percent over the same period last year. It said gross revenues during the period hit P87.4 million, up 29 percent.

The bulk of the revenues came from software licenses and technical services. The segment increased almost 35 percent to P51.07 million.

Its fastest growing segment was wireless broadband, which jumped 105 percent to P20 million.

“We continue to provide the needs of the enterprise market with guaranteed broadband internet coupled with robust IT solutions and manpower services. Our internet business has been a key growth driver due to NOW’s unique positioning as the only broadband provider that commits guaranteed minimum speeds 24×7,” Kristian Pura, head of Business Development and Strategy of NOW, said in a statement.

He said Now’s Air fiber service would “soon” enter high-rise residential buildings and gated communities.

The company is among those that signaled their intention to participate in the Duterte administration’s third telco initiative, whose goal is to establish a new mobile player that will challenge the PLDT Inc. and Globe Telecom duopoly.