XURPAS, INC. trimmed its losses in the first quarter as it boosted its enterprise business and recorded lower costs and expenses during the three-month period.
The listed technology firm posted an attributable net loss of P70.61 million in the January to March period, 6.6% lower than its attributable net loss of P75.63 million in the same period last year.
Consolidated revenues fell 8.4% to P299.51 million as the mobile consumer services segment’s revenues slid 94% to P7.74 million. However, this was partially offset by the performance of its enterprise services revenues, which grew 46% to P259.38 million.
“There has been no recovery on the value added services (VAS) business with Globe (Telecom, Inc.) and the digital advertising business,” it said.
“The 46% increase in enterprise revenues was brought about by the 45% increase in Yondu (Inc.)’s enterprise revenues from P168.84 million in 1Q2018 to P245.27 million in 1Q2019,” Xurpas added.
Xurpas said a refocus on the enterprise segment resulted to an 86% increase in revenues from Xurpas Enterprise, Inc. (XEI) to P13.19 million.
Xurpas subsidiary Yondu is a content developer and provider of mobile value-added services and information technology services, while wholly owned subsidiary XEI handles software development.
The group’s expenses fell by 6.2% to P250.74 million, as the company implements cost-cutting initiatives internally and across its subsidiaries, except in Yondu.
“Excluding Yondu, the growth of which led to 23% increase in cost of services, the rest of the companies in the group saw its cost of services decrease by 48%,” it said. — Denise A. Valdez