NOW CORP. yesterday said it finally turned in a profit last year, and expects to earn $120 million from its broadband and wireless cable television (TV) business.

“At the meeting of the Board of Directors held on 28 March 2016 [in] Manila, Philippines, it was reported that the preliminary year-end total revenue for 2015, the Company hit positive net income for the first time after years of mergers and acquisitions,” the company said in a disclosure to the Philippine Stock Exchange.

The company said this was driven by its existing businesses — information technology (IT) resource management and software collaborations.

However, Now did not disclose figures and has yet to release its financial statement for full-year 2015.

During the meeting, the company’s board also discussed its plan for its broadband and wireless cable TV business, under which it will invest around $50 million in capital expenditure.

Now said the plan could bring in a projected revenue of $346 million and a net income of $120 million. Aside from IT, Now is also engaged in providing products and services related to media and telecommunications.

Latest available data show that in the first nine months of 2015, the company narrowed its net loss by 40% year on year to P11.65 million from P19.28 million. Gross revenues in the same period dipped by an annual 15% to P50.33 million from P59.43 million.

Shares in Now shed three centavos or 2.91% to end trading at P1 apiece on Tuesday. —Daphne J. Magturo