OnMobile Global Q1 net loss rises 70% to Rs23.9 crore
OnMobile Global reports a steep 70% rise in net loss at Rs23.9 crore in the fiscal first quarter ended 30 June
Mumbai: Bangalore-based mobile technology solutions firm OnMobile Global Ltd on Friday reported a steep 70% rise in net loss at ₹ 23.9 crore in the fiscal first quarter ended 30 June, as compared to a net loss of ₹ 13.9 crore in the March quarter, on account of increased content costs in Europe and foreign exchange losses.
In the year-ago period, the company posted a net profit gain of ₹ 14 crore.
Revenue for the quarter came in at ₹ 198 crore, up 4.8% as compared to ₹ 189 crore in the year-ago period. On a sequential basis, revenue declined by 11.7% compared to ₹ 225 crore in the preceding quarter.
International business revenue totalled ₹ 152.5 crore in the quarter, adding 77% to the overall revenue of the company.
Of this, developed markets contributed 72.3%. Of this figure, Europe accounted for 53.9%, Latin America 4.9% and other emerging markets contributed 4.6%.
India revenue declined by 28.1%.
The company said earnings before interest, taxes, depreciation and amortization (Ebitda) came in at ₹ 15.6 crore in the quarter.
In the quarter, OnMobile completed the sale of Voxmobili S.A to Synchronoss Technology Inc. for $28 million.
Earlier this year, the company announced it has appointed Rajiv Pancholy as its new chief executive officer and managing director. The company also appointed Francois-Charles Sirois as additional director to the board of directors and Nancy Cruickshank and Bruno Ducharme as independent directors on the board.
At 9.15am, shares of OnMobile were down 3.45% at ₹ 33.60 apiece, while the benchmark Sensex opened trade down 0.54% at 25,753.92 points.
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