2nd Oct 2013 08:29
LONDON (Alliance News) - Mobile Streams PLC Wednesday posted increases in revenues and pretax profits for the full-year ended June 30 boosted by strong sales in Latin America.
The company posted revenues of GBP53.9 million, up from GBP22.0 million in the previous year. Mobile internet revenues were up 201% to GBP49.6 million from GBP16.5 million, driven by sales in Latin America, representing 97% of the company's total revenues for the year.
However, Mobile Streams cautioned that in the year Argentina had modified its laws on cross-border inter-company transfers of funds, and as the company has more than 73% of its cash in Argentina, this continued to inhibit repatriation of funds to the parent company. The company said it was taking steps to mitigate this risk.
Administrative expenses increased to GBP4.9 million from 3.5 million, and sales and marketing costs to GBP7.8 million from 3.7 million as the company continued to expand its operating base in Latin America.
The company posted a pretax profit of GBP4.8 million, up from GBP1.6 million. Mobile Streams said that it remains upbeat for the new financial year, and expects revenue to be largely generated in Latin America again.
Shares in the company were trading up 9% at 82.95 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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