XURPAS, Inc. saw its losses deepen in the third quarter, as its mobile consumer services business continued to slump.
In its regulatory filing, Xurpas said its net loss attributable to equity holders of the parent ballooned to P49.759 million, from a loss of P21.26 million a year ago.
The company reported its revenues from July to September fell 44% to P259.633 million, on a 43% drop in service income.
For the January to September period, Xurpas swung to an attributable net loss of P184.387 million from a net income of P81.190 the previous year.
Total revenues decreased by 48% to P869.103 million during the nine-month period. This was mainly attributed to the 80% plunge in mobile consumer services revenues to P230.64 million.
“After the VAS (Value-Added Services) system migration of Globe (Telecom, Inc.) in the first quarter 2018, the revenues from this segment dropped significantly from its previous levels in 2017. Xurpas and Globe are working together to look for new products and business models for this segment,” the company said.
Revenues from enterprise services, which accounted for 67% of total revenues, rose 21% to P582.3 million as of end-September.
The mobile content provider noted its gross expenses in the third quarter went down 29% to P332.191 million, and in the nine-month period by 25.53% to P1.088 billion. — Denise A. Valdez