Technology company Xurpas Inc. saw heavy losses in 2018—signaling that the company’s woes were far from over.
Xurpas, which earlier this year announced a management revamp and the engagement of a financial adviser, disclosed to the Philippine Stock Exchange on Thursday that it had posted a loss of P812 million in 2018. The figure, reversing a P103-million profit in 2017, included impairment losses and a write-down in one of its overseas subsidiaries.
Its revenue last year hit P1.24 billion, down from P2.1 billion in 2017.
Xurpas said it had incurred “operational losses” in 2018 and extraordinary charges due to a P311-million impairment loss. It also had to write down bad debts of Singapore-based subsidiary Art of Click amounting to P127 million.
Questions over the company’s business have hit its investors, with Xurpas shares trading about 70 percent below its listing price when it went public on December 2014.
Xurpas said its enterprise segment contributed the bulk of revenue at P876 million, up 31 percent. The mobile consumer segment, however, fell by 80 percent to P271 million. It cited “major policy changes implemented by the company’s telco distribution partner.”