(Alliance News) - MobilityOne Ltd said Tuesday it swung to an interim profit following a double-digit rise in revenue following strong growth in its Malaysian business.
Shares in the payments provider were 69% higher at 3.30 pence on Tuesday in London.
For the six months to the end of June, pretax profit was GBP423,999, compared to a loss of GBP780,906 for the same period the year before.
MobilityOne's profit performance was helped by a strong revenue performance, which grew by 37% to GBP78.9 million from GBP57.5 million.
MobilityOne's interim results were driven by a robust performance from its e-payment business, in the mobile phone prepaid airtime reload and bill payment business in Malaysia, through the group banking channels with ten separate banks.
Also contributing to growth was MobilityOne's payment terminal base, standing at around 2,500.
Looking ahead, the group intends to expand its e-money business in Malaysia and has commenced its mobile remittance service which allows money transfers using a mobile app.
MobilityOne remains confident on the outlook for 2019 as whole, based on its interim results and the group's future prospects.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Mobilityone (MBO)