Mobility One swing to loss as Bangladesh unit weighs
Payments solutions group MobilityOne swung to a first-half loss owing to a weak performance from its Bangladesh unit.
Pre-tax losses for the six months through June amounted to £781k, compared to a £225k profit on-year.
Revenue jumped 56% to £57.5m but was offset by a loss contributed by its 55%-owned subsidiary in Bangladesh, MiTP.
'The business in Bangladesh is expected to continue to incur more costs in the second half of 2018 to expand the point of sales and user base,' the company said.
'As such, the directors expect the overall financial performance of the group in the second half of 2018 to be impacted by the expected losses.'
'Nevertheless, the long-term prospects of MiTP with new services to be introduced in the future, such as inward money transfer services and local municipal bill payment services, are expected to enhance the growth of MiTP's business in Bangladesh and the group as a whole.'
Source: http://www.stockmarketwire.com
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