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LONDON (Alliance News) - Online payments technology company MobilityOne Ltd Friday said it narrowed its loss in its first-half, having booked smaller impairment losses in Indonesia and Cambodia, after it exited those businesses earlier in the year.
The company posted a lower pretax loss of GBP29.5 million for the six months to June 30, compared with a loss of GBP123.9 million in the first-half of 2013. Last year it was hit by big losses in Cambodia, Indonesia and the Philippines, and a writedown on assets.
"The directors expect an improved trading performance in the second half of 2014, mainly from the group's mobile phone prepaid airtime reload business. The group is also currently exploring other business areas to diversify the revenue stream in order to improve the future financial performance," said Chairman Abu Bakar bin Mohd Taib in a statement.
MobilityOne, whose main operations are in Malaysia, said first-half revenues were up 5.5% on the year to GBP23.5 million, up from GBP22.3 million last year, driven by improvements in the group's existing mobile phone prepaid airtime reload business in Malaysia.
"The group will continue to grow its existing operations in Malaysia, including the international remittance services in which the Group currently has six outlets and several temporary kiosk outlets," the company said.
MobilityOne exited its overseas operations in Cambodia and Indonesia in March 2014 in order to reduce further losses, after losses in those countries helped push the whole company to a loss in 2013.
The company said its subsidiary in the Philippines generated a small amount of revenue in the first-half, and said it will continue to explore business opportunities in the Philippines with the business focus being on electronic payment services.
The company's shares were untraded Friday morning at 1.875 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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