In the second quarter alone, Paxys’s net income reached P124.68 million or more than double the P52.4 million recorded the previous year-period.
Consolidated service income grew 98.6 percent in the six-month period this year to P1.07 billion from only P538.81 million. The significant increase was attributed to higher volume hours and full time equivalents of one of the US-based clients of subsidiary Advanced Contact Solutions, registered income of Smart Salary amounting to P44 million, and the additional earnings contribution from 60-percent owned subsidiary ScopeWorks Asia Inc., amounting to P1 million.
ScopeWorks is a local company that provides high quality and cost-effective transcription, editing and proof-reading services. It is one of the pioneers in the legal scoping industry in the Philippines and has its main customers court reporters in the US.
Paxys said earnings per share for the first semester rose 29 percent to P0.22 per share from P0.17 a year ago, mainly due the expansion of operations of wholly-owned subsidiary Advanced Contact Solutions Inc. (ACS).
Cost of services also increased by 97.2 percent to P637.97 million from only P323.49 million.
Operating expenses amounted to P193.44 million, 87.8 percent higher than the previous year’s level of P103 million. Other charges likewise went up to P30.56 million from P8.47 million.
ACS registered service income of P1.02 billion or an increase of 90 percent from the year-earlier figure. The company’s capacity has grown to 3,500 seats in the first half this year from 2,800 last year.
To ensure long-term growth, Paxys is looking at Australia, United Kingdom and even Asia as new sites for expansion. "Servicing these markets, which have a time zone different from the US, will allow ACS to optimize the use of its facilities and therefore enhance return on its assets," Paxys said.