Xurpas income up 16% in Q1

Xurpas Inc. posted a first quarter net income of P68.49 million, up 16 percent year on year.

Excluding the effect of non-recurring expenses related to investments incurred for the period, core net income grew 18 percent as revenues jumped 165 percent to P350.42 million.

In its report to the Philippine Stock Exchange (PSE), Xurpas said topline performance was driven by strong growth both in its core business as well as its acquisitions.

Among the different segments, the firm’s mobile consumer segment continued to comprise the bulk or 59 percent of the business, growing 88 percent to P205.36.

The mobile enterprise business saw its revenues grow by 744 percent to P138.63.

“This is largely due to the accretive value of its Yondu Inc. (Yondu) acquisition in September 2015. From 12 percent for the same period last year, the mobile enterprise segment now makes up 40 percent of Xurpas’ revenues,” the company said.

Apart from Yondu, which now provides over 600 highly-skilled developers and project managers to further innovate and serve the enterprise side of its business, another standout among Xurpas’ investee companies has been Xeleb, which provides celebrity-based mobile casual games.

“The reception of the mobile casual games launched by Xeleb was amazing, and new users are enjoying our games every day. We are proud of our worldclass team and are even more excited at the line-up of new games we will be launching later this year,” said Raymond Racaza, COO of Xurpas and president/ CEO of Xeleb.

“Our mobile enterprise segment has grown tremendously, and now makes up a significant proportion of the business. While our mobile consumer segment continues to grow, we are also building multiple sustainable and complementary revenue streams. This is important to us for sustained long term growth, Racaza added.