NOW Corp. ended the first quarter of 2025 with a net loss as lower expenses failed to offset higher revenues.
MANILA, Philippines — NOW Corp. ended the first quarter in the red following a 45-percent drop in revenues. This happened even if the company has significantly slashed its total expenses.
In its latest financial disclosure, the Mel Velarde-led company reported that its net loss amounted to P4.27 million in the first three months of this year. This is a reversal from P2.2 million net income in the same period a year ago.
NOW’s total revenues slid to P30.12 million for the period from P55.29 million a year ago. Gross profits were nearly down by half to P15.8 million.
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Broadband and other service revenues were up 12 percent while information technology manpower service revenues plummeted by 59 percent. From January to March, NOW was not able to sell software licenses.
Meanwhile, operating expenses fell by 47 percent to P11.89 million in the first quarter from P22.27 million a year ago.