NOW Corp. saw its attributable net income for the second quarter of the year drop 40% to P2.7 million as expenses increased, the company鈥檚 quarterly report showed.
Second-quarter total revenues grew 24.6% to P51.2 million from P41.1 million in the same period last year.
However, the company鈥檚 expenses for the quarter climbed to P47.2 million from P32.1 million in the previous year.
For the first half of the year, the company鈥檚 attributable net income fell 43.1% to P4.1 million from P7.2 million previously.
First-half revenues reached P102.3 million, up 15% from P89 million in the previous year.
Expenses for the period increased 29.1% to P95.9 million from P74.3 million previously.
鈥淭his was brought about by an increase in cost of sales and services of P11.9 million or 26.3% from P45.3 million in 2020 to P57.3 million in 2021, whereas, operating expenses also increased by P9.6 million or 33.2%,鈥 NOW Corp. said.
鈥淭he increase in operating expenses were due to salaries and other benefits, professional fees, taxes and licenses, advertising and promotion, and communication and subscriptions,鈥 it added.
NOW Corp. shares closed 1.94% lower at P2.02 apiece on Monday. 鈥 Arjay L. Balinbin
