Makati—(PHStocks)—Xurpas Inc. (PSE: X) ended the year 2015 on a high note, with revenues surging 135% to PhP921.22 million versus PhP392.22 million in FY2014. The tech firm’s strong revenue performance was driven by both the company’s core business, as well as by acquisitions.
Xurpas’ core mobile consumer services accounted for PhP266.69 million or 50% of the total PhP529 million net increase in revenues. Xurpas’ gross profit increased 93% to PhP536.71 million for the year from PhP278.35 million in 2014, with robust gross margins of 58%.
Xurpas’ net income before tax climbed 38% to PhP331.1 million in FY2015 versus PhP239.14 million the previous year, while operating margins were a very healthy 36%. Xurpas’ net income for the year increased 20% to PhP229.62 million despite the expiry of Xurpas’ 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 PhP250.8 million, when non-recurring expenses related to its acquisitions are excluded.