BUDDING third telco operator Now Corp. saw profits ballooning by almost threefolds during the first quarter of the year on the back of lower expenses and a slight increase on its top line.
A disclosure to the local bourse showed the listed multimedia company reported it booked P3.53 million in net income, about 248 percent higher than the P1.01 million it registered the year before.
In the same comparative periods, revenues inched up by 3.4 percent to P33.85 million from P32.73 million, while expenses dropped by a faster 9.04 percent to P28.85 million from P31.72 million.
Kristian A. Pura, who heads the business development and strategy division of the listed company, said the “main reason” behind Now Corp.’s increased profits is the expansion of its Fiber-in-the-Air network. “The priority this year is the expansion of our Fiber-in-the-Air network, as well as complementing IT services such as cloud services, disaster recovery, artificial intelligence and collaboration tools,” he said. Pura noted his group already identified its target market and is set to “achieve the financial metrics” the company has set.
“To date, we have activated more than 150 locations and we continue to expand in the deeper parts of Metro Manila,” he said.
Now Corp. is one of several companies competing for the third Philippine telco spot.
Source: https://businessmirror.com.ph/now-corp-q1-profits-rose-248-to-p3-53-million/