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Xurpas’ net loss widens in 2022 despite revenue growth

Enterprise technology solutions provider Xurpas more than doubled net losses last year, reaching P75.90 million from P26.16 million the previous year, due to non-recurring expenses.

The IT firm experienced a one-time and non-operational expense from the decline in crypto prices, the peso’s depreciation against the US dollar and Singapore dollar, and the impairment of assets/goodwill from a prior investment.

Nonetheless, Xurpas registered an eight percent growth in revenue to P227.49 million, its highest since its pivot to enterprise business.

Xurpas attributed the topline increase to the sustained growth of the enterprise business, which expanded by 43 percent, particularly in staff augmentation.

Staff augmentation, which accounted for 70 percent of enterprise revenues, posted a 29 percent year-on-year jump to P117 million.

Custom software development also surged by 93 percent to P46.49 million.

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