NOW posts profit in ’17

Now Corp. posted a profit in the first semester of 2017, as revenues from its software and broadband segments more than doubled.

Now, which is listed on the Philippine Stock Exchange, reported a net income of P2.26 million for January to June this year, against a net loss of P9.7 million a year ago.

Revenue during the period hit P68.1 million, up from P30.88 million a year ago.

“The higher revenue was mainly due to the increase in sales generated from broadband delivery, software services, as well as from the deployment of the company’s IT professionals to render mission critical IT solutions and services to blue chip companies,” Now CEO Mel Velarde said in a statement.

The company said gains came even as expenses surged by half as it expanded its business.

Now recently announced plans for “pre-5G infrastructure,” which it said would improve its fiber air broadband service. Now said it could provide up to 700 megabits per second to its customers. These were mainly business process outsourcing companies, schools, banks, hotels, and hospitals.