NOW Corp. swings to profitability
Velarde-led NOW Corp. managed to turn its red bottomline around in the first semester, driven by higher sales from its broadband, software and other businesses.
NOW posted a net income of P2.25 million from January to June compared to a net loss of P9.7 million in the same period the previous year. Gross revenues surged 120.5 percent to P68.09 million.
The company recorded a turnaround in its financial performance despite a 50 percent expansion in total expenses to P64.88 million due to higher cost of sales, salaries and benefits, taxes and licenses fees, transportation and other expenses brought by high growth business of wireless broadband.
Mel Velarde, NOW president and CEO, attributed the increase in revenues to higher sales generated from broadband delivery, software services, as well as from deployment of the firm’s IT professionals.
“We expect the strong revenue and profit momentum to continue in the second half of the year since our business segments, especially our broadband business, continue to produce outstanding results.” Velarde added.
Among its clients include include the STI campus in Bonifacio Global City, Philippine Daily Inquirer, Manila Broadcasting Corp., Manila Bulletin, Workhaven (a co-working space located in Linden Suites), Bellagio Residences, Sogo Hotel Group, Metropolitan Medical Center, Chinese General Hospital, and Sta. Isabel College.