Now Corp., a listed company controlled by the Velarde family, said net income in 2017 jumped 152 percent to P6.29 million from P2.50 million in 2016 mostly because of the broadband business.
Now said in a disclosure to the Philippine Stock Exchange gross revenues reached P148.98 million, up 41 percent from P105.44 million in 2016, after signing up more enterprise clients for its software collaboration solutions, IT consultancy and for its “Fiber-in-the- Air” broadband services.
The company attributed the increase in net income to revenues from IT services, IT manpower and broadband internet. Revenues grew 40 percent to P126.67 million from P90.62 million a year ago, while those from sales of software licenses increased 66 percent to P21.70 million from P13.09 million.
Cost of sales rose 29 percent to P63.17 million from P48.79 million, while administrative expenses climbed 25 percent to P54.08 million from P43.40 million