MOBILE-game maker Xurpas Inc. suffered a net loss last year of P811.64 million, from the previous year’s P102.57-million income as revenues continued to slide.
Revenues fell 41 percent to P1.24 billion, from the previous year’s P2.1 billion.
Enterprise services contributed 70 percent of total revenues or P876 million, for an increase of 31 percent 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 P271 million in revenues, down by 80 percent from the previous year.
“The company’s full year net loss was attributed to both operational losses, as well as extraordinary charges arising from the P311 million in impairment losses. Of the impaired amount, P127 million was provisioned for the write-down of bad debts of Art of Click, Xurpas’s 100-percent owned subsidiary registered in Singapore,” it said.
In disclosures made in the first quarter of the year, the company said it has engaged the services of Primeiro Partners as its advisor to provide strategic and financial advisory services for the company. The company’s founding shareholders extended an aggregate of P150 million into Xurpas, through shareholder advances.
The proceeds of the loan will be used by the company to fund enterprise projects and for general corporate purposes, it said.