MANILA, Philippines - Consumer technology firm Xurpas Inc., which went public earlier this month, grew its earnings more than half in the first nine months of the year on the back of strong revenues.
Xurpas said its net income in the first three quarters surged 66 percent to P147.55 million from P88.68 million during the same period last year.
The company’s revenues likewise skyrocketed 61 percent to P276.10 million from P171.93 million a year ago as demand for its mobile content and services remained robust.
Xurpas is fresh from acquiring a 21.7 percent stake worth $740,800 in Altitude Games Pte Ltd., a Singaporean IT company in the business of mobile games development and publishing.
The acquisition is expected to contribute to the planned expansion of Xurpas in Southeast Asia. It gives the company exclusive access to the game studio’s expertise in casual games space.
Aside from the Singapore acquisition, the newly-listed company is also in talks with several more foreign firms as it looks to expand in markets in Southeast Asia, primarily in Indonesia, Bangladesh and Thailand.
Xurpas debuted in the local bourse last Dec. 2 at an offer price of P3.97 per share. Its share price sizzled in the first day of trading, surging 49 percent.