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LONDON (Alliance News) - Shares in e-commerce platform provider MobilityOne Limited were trading down 22% after it reported Friday that it had swung to a pretax loss in the recent half.
MobilityOne said that administration expenses increased, while its businesses in Indonesia and Cambodia failed to show growth.
Mobility One shares were trading down 22% at 1.75 pence Friday morning.
In the half year ended June 30, the company posted increased revenues of GBP22.3 million, up from GBP20.3 million in the previous year. It swung into a pretax loss of GBP123,877 which it attributed to increases in administration expenses from its operations in Malaysia, Indonesia and Cambodia, as well as costs from expanding into the Philippines. Administration expenses rose to GBP1.3 million from GBP644,884.
The company said that its businesses in Cambodia and Indonesia have not registered any significant growth and that its new subsidiary in the Philippines had not yet contributed any revenue as it is still in the final stages of establishing business partners in the region.
In the second half of the year, MobilityOne said it expects business in Malaysia to continue to grow, but for its other businesses to remain challenging. It said it would continue to consider the future of its business in Indonesia, as it was not meeting expectations, including discontinuing the operation to avoid further losses.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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