Mobile Streams Expects Small First Half Loss On Peso Devaluation

LONDON (Alliance News) - Mobile content company Mobile Streams PLC said Friday it expects to report a small loss before interest, tax, depreciation and amortisation for its first half, swung from a small profit in the previous year, hit by further devaluation of the Argentinian peso.

Mobile Streams expects to report revenue of GBP8.1 million for the half year to end-December, down from GBP18.5 million a year before.

The company has continued with its strategy of launching its subscription and ad-funded services in emerging markets, with its new Indian subsidiary signing contracts with large local Indian mobile operators that have expanded the total reach of its services to around 600 million local mobile phone users.

It has paused its planned entry into Nigeria whilst it focuses on its opportunity in India.

Mobile Streams' ad-funded MobileGaming.com service has now gone live in the UK and Australia, and is due to launch in Mexico shortly, it said.

"Although operations in Argentina have continued to be a challenge with its most recent devaluation, Mobile Streams has continued to focus on developing its ad-funded games service and its subscription services in India. We are excited by the opportunities for both of these services. We look forward to updating shareholders with more information on the performance of these services in due course," said Chief Executive Officer Simon Buckingham in a statement.

Shares in Mobile Streams are up 4.8% at 5.50 pence Friday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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