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Business News/ Companies / Company-results/  OnMobile Global Q1 net loss rises 70% to Rs23.9 crore
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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

Revenue for the quarter came in at Rs198 crore, up 4.8% as compared to Rs189 crore in the year-ago period.Premium
Revenue for the quarter came in at Rs198 crore, up 4.8% as compared to Rs189 crore in the year-ago period.

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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Published: 01 Aug 2014, 10:47 AM IST
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