Xurpas Inc. (PSE: X) has reported revenues of PhP1.24 billion in FY2018, down 41% from the previous year, while posting a net loss of PhP812 million, which included a PhP311 million provision for impairment losses. Enterprise Services contributed 70% of total revenues or PhP876 million, for an increase of 31% from the same period last year. In contrast, the Mobile Consumer segment, which was hit by major policy changes implemented by the company’s telco distribution partner, generated PhP271 million in revenues, down by 80% from the previous year.
Xurpas’ full year net loss was attributed to both operational losses, as well as the extraordinary charges arising from the PhP311 million in impairment losses. Of the impaired amount, PhP127 million was provisioned for the write-down of bad debts of Art of Click, Xurpas’ 100% owned subsidiary registered in Singapore.
In disclosures made in the first quarter of 2019, Xurpas disclosed that it has engaged the services of Primeiro Partners as its advisor to provide strategic and financial advisory services for the company. Xurpas also previously disclosed that its founding shareholders extended an aggregate of PhP150 million into the company, through shareholder advances. The proceeds of the loan will be used by the company to fund enterprise projects and for general corporate purposes.