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LONDON (Alliance News) - Mobile Streams PLC on Monday said its revenue dropped in the first half of its financial year due to the devaluation of the Argentinian peso and also due to changes in the Indian telecommunications sector.
Shares in Mobile Streams were down 12% at 0.55 pence on Monday.
In the six months to December 31, the mobile content distributor's revenue totalled approximately GBP920,000 on a constant currency basis, dropping from GBP1.8 million a year before.
Revenue from Argentina took a 48% hit year-on-year from the devaluation of the peso. Adjusting for this devaluation, revenue for the period was GBP1.5 million.
At the end of 2018, Mobile Streams' local subsidiary in India exceeded GBP420,000 in revenue, the highest half-year total since its 2015 launch.
Despite a strong performance from this Indian subsidiary, Mobile Streams' revenue growth in India has been hindered by consolidation within the Indian telecoms market. This consolidation reduced billing partner support for Mobile Streams' value added services, such as mobilegaming.com.
Mobile Streams Chief Executive Simon Buckingham also said that "increased and more stringent regulations" have been imposed by India's telecom operators.
Buckingham said that this regulation resulted in a "reduced investment in support for value added services in the latter part of the period" and had hurt the company's revenue targets.
Nonetheless, during the half year period, Mobile Streams secured direct agreements with all four of India's mobile telecom operators.
"Looking ahead to 2019, despite ongoing concerns over the economy in Argentina, we expect trading to remain stable; in India, despite some uncertainties following the recent telecom operator mergers and their support for value added services, we expect increased contribution from our most recent [billing] partner," said Buckingham.
As at December 31, Mobile Streams' cash and cash equivalents stood at GBP540,000, down from GBP1.5 million year-on-year.