i-Remit Inc., a listed fund transfer and remittance company servicing migrant Filipino workers, posted a net loss of P60.1 million in the first quarter, narrower than P104.5 million loss in the year-earlier period.
Even with the narrower loss, i-Remit remains deeply unprofitable, with revenues plunging 85 percent in the first quarter to P2.2 million from P14.3 million last year, reflecting a sharp drop in service fees, down 79 percent, and commissions, down 99 percent. Commission income fell to around P58,000 from P4.2 million while foreign exchange continued to sustain a losses, albeit sharply lower.
Cost of services declined 63 percent to P4.5 million. However, with revenues down, the company still suffered a gross loss of P2.4 million, a reversal from a gross profit of P2.1 million last year.
Transaction volumes tumbled by 41 percent to just 4,000 transactions, while U.S. dollar remittance volume plunged 49 percent to US D0.6 million. Asia‑Pacific accounted for 98 percent of transactions and 96 percent of remitting volume.
Net trading gains dropped sharply, down 93 percent to P0.52 million.
Operating expenses declined 35 percent to P 68.1 million, thanks to cost-cutting in marketing, depreciation, benefits, and administrative areas. Finance costs fell to P1.6 million, reflecting reduced borrowing.
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