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LONDON (Alliance News) - MobilityOne Ltd Tuesday said it swung to a small pretax profit in 2014 after revenue rose and costs fell.
The electronic payment and transaction provider reported a GBP239,999 pretax profit in 2014, swinging from a GBP1.7 million loss in 2013, as revenue rose to GBP53.0 million from GBP51.6 million and administration expenses remained steady at GBP3.0 million, but other operating expenses dropped to GBP286,908 from GBP1.9 million.
MobilityOne said the revenue growth came from the mobile phone prepaid airtime reload and bill payment business via the group's existing banking channels such as mobile banking, internet banking and ATMs, and payment terminal base in Malaysia.
Operations in the Philippines continued to report losses with a small revenue contribution through the provision of an e-payment solution that allows a licensed betting company in the Philippines to collect bets using the MobilityOne's mobile payment terminals.
Similarly to previous year, international remittance services, for which the group had only six outlets in Malaysia, did not perform as expected and continued to incur losses. The group has recently discontinued its outlet-based international remittance services, it said.
"The movement back into profitability for the group in 2014 is encouraging for the board of MobilityOne and provides confidence for the group's future prospects. The directors are optimistic on the performance of the group for 2015," said Chairman Abu Bakar bin Mohd Taib.
MobilityOne shares closed down 12% to 2.87 pence per share on Tuesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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