With lower revenues and higher expenses, Now Corp.’s net income attributable to the equity holders of the parent company dropped by 63.5% during the first quarter of the year.
In a regulatory filing on Friday, the listed information technology company posted a net income of P1.91 million in the first three months, down from the previous year’s P5.24 million.
Now Corp. placed its revenues at P47.94 million, 4% lower than the previous year’s P49.88 million.
Broken down, service revenues slightly improved by 1% to P40.63 million from last year’s P40.21 million; management fee revenues increased 11.59% to P2.31 million from P2.07 million; while sales revenues suffered a 34% decline to P5 million from P7.6 million posted last year.
Cost and expenses in the first quarter was 5.5% higher at P42.22 million from P40.02 million during the same period last year.
Now Corp. owns the social business platform, NowPlanet.TV, and the one-stop shop website for micro, small and medium-sized enterprises, WebsiteExpress.Biz.
The company’s subsidiaries include J-Span IT Services, Inc.; Porteon SEA, Inc.; I-Resource Consulting International, Inc.; I-Professional Search Network, Inc.; and Softrigger Interactive, Inc.
On Friday, shares in Nown Corp. went up 2.79% to close at P1.84 apiece. — A. L. Balinbin
