Philippine technology firm DFNN saw its earnings continue to surge at the end of September, with net income for the first three quarters of 2017 reaching P121.3 million ($2.4 million), from just P0.8 million in the prior-year period.
Revenues reached P848.5 million, up 616 percent year-on-year, while EBITDA reached P142.8 million, up 668.9 percent.
DFNN said the surge in financial performance is attributed to the increasing affiliates. “We take pride in our performance for the first nine months of the year and with the steady growth of DFNN’s affiliate partners,” DFNN CEO Ramon Garcia Jr. said.
“Given our continued focus on improving operating efficiencies and distribution numbers, we expect to maintain this upward trajectory and to improve our operating margins.”
Expenses however grew 382.2 percent year-on-year to P711.8 million.
The increased expenses are largely due to the continued expansion activities such as the build out of the DFNN Technology Campus in Silang, Cavite, said the company.
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