Xurpas 1H2016 Revenues Skyrocket 136% to PhP736M
Makati—(PHStocks)—Tech firm Xurpas Inc. (PSE: X) closed the first half of 2016 with revenues of PhP736.09 million, for a healthy increase of 136% as compared to the same period last year. The company’s enterprise services are the highlight for the period, growing 1,113% to PhP308.87 million, as the full effect of the acquisition of Yondu Inc. in late 2015, is now realized.
Xurpas’ enterprise services comprise 42% of 1H2016 revenues, illustrating Management’s commitment to developing multiple sustainable revenue streams, while continuing to build on it’s core business.
Xurpas’ gross profit increased by 75% to PhP366.98 million in 1H2016 from PhP209.82 million in 1H2015, while gross margins remained strong at 50%. The company’s net income grew by 15% to PhP132.51 million for the first half of 2016, with net margins at 18%. Eliminating non-recurring expenses related to the Group’s on-going expansion, core net income is at PhP136.08 million, or an 18% year-on-year increase.