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LONDON (Alliance News) - Boku Inc on Tuesday said its loss narrowed in the first half of 2018 helped by an increase in monthly active users.
The payment service provider said pretax loss for the six months to the end of June narrowed to USD558,000 from USD6.4 million reported for the same period a year earlier, as revenue jumped to USD16.9 million from USD10.2 million.
During the period, the company managed to reduce its finance expenses to USD527,000 from USD1.2 million posted the year prior, while depreciation & amortisation costs dropped to USD1.4 million from USD1.5 million. Administrative expenses rose, however, year-on-year to USD15.7 million from USD14.4 million.
Finance expenses include the cost of an early exit from a factoring facility within Boku AG, as the company believes that removing this facility will be cost-effective for it going forward.
The value of transactions processed through Boku platform more than doubled in the first-half to USD1.5 billion versus USD600 million the year prior, helped by an increase in monthly active users to 10.3 million from 4.7 million.
Looking forward, the company said trading to the end of August is "encouraging" with total payment volume reaching USD2.2 billion and monthly active users up to 11.3 million.
"By any measure the first half of 2018 has been a successful one for Boku," said Chief Executive Jon Prideaux.
Shares in Boku were trading 2.4% lower on Tuesday at 179.60 pence each.
