August 23, 2022

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NOW Corp. net income improves nearly 12% 

NOW Corp., a listed company with businesses in telecommunications, media, and technology, saw its attributable net income for the second quarter of the year increase 11.9%, mainly due to lower expenses.

The company’s attributable net income for the quarter rose to P3.02 million from P2.70 million in the same period a year ago, its second-quarter financial performance results showed.

Revenues for the quarter fell 1.6% to P50.43 million from P51.23 million previously.

The company’s total expenses for the quarter went down 2.9% to P45.82 million from P47.17 million in the same period in 2021.

For the first half of the year, the company’s attributable net income rose 31.1% to P5.35 million from P4.08 million previously.

Revenues for the period decreased 2.2% to P100 million from P102.3 million in the same period a year ago.

Its service revenue decreased by 0.62% from last year’s first-half figure of P93.7 million to P93.2 million this year.

“Service revenues mainly pertain to broadband services and income earned from the deployment by the company of professionals to its clients to render IT-related solutions and services,” NOW Corp. said.

“Broadband services increased by P0.6 million or 1.29% as compared to first half in 2021. While software licenses and IT manpower augmentation services decreased by P1.7 million and P1.1 million, respectively, in the same period this year,” it noted.

Expenses fell 4.6% to P91.5 million from P95.9 million previously.

As at June 30, the company’s total assets stood at P2.9 billion, liabilities at P721.1 million, and equity at P2.2 billion.

Its current assets and liabilities increased by 20.4% and 24.2%, respectively. — Arjay L. Balinbin