VANCOUVER - Bill payment processor TIO Networks Corp. says its net income fell by more than half to $45,774 in the third quarter of its fiscal year despite a nine per cent increase in revenues.
The Vancouver-based company said Friday that its profit decreased from $96,066 in the year-ago period as it invested in operations.
Revenues increased to $10.3 million from $9.47 million.
TIO (TSXV:TNC) said its mobile and web channels processed 158,013 transactions and accounted for three per cent of revenue for the quarter compared to nothing a year ago.
Its TIO wallet payment program has 230,347 subscribers after adding 52,77 subscribers in the quarter. The program serves an estimated 60 million Americans with limited access to mainstream financial services.
Chief executive Hamed Shahbazi said the company has invested in its growth by substantially increasing R&D and sales and marketing initiatives to pursue revenue opportunities, upgrade its platforms and develop new payment products.
The company has reorganized its operation into three business units — kiosks, point-of-sale and mobile web operations — as part of a growth plan.
"TIO's entire transaction processing platform is undergoing a fundamental upgrade that will decrease our integration costs, improve our 'time to market' on new billing system integrations and support our Wallet initiatives," he said in a statement.
TIO Networks is a cloud-based bill payment processor serving the largest telecom, wireless, cable and utility network operators in North America.