29th Dec 2015 08:04
LONDON (Alliance News) - Myanmar-focused social media and entertainment platform provider MySQUAR Ltd on Tuesday said it made a wider pretax loss in the year to the end of June due to a ramp up in operating costs.
The company said its pretax loss for the year hit USD2.2 million, compared to a USD870,553 loss the year before. It made no revenue in the year, and its operating costs rose to USD2.1 million from USD874,305.
MySQUAR, which floated on AIM in July, said it hit 907,360 user accounts by the end of June and its user acquisition costs remained relatively low. It doubled its employee headcount over the year and invested in new product development, particularly in its MyCHAT social media platform. The company said it has reached more than 1.8 million user accounts since June and expects to have 2.0 million accounts by December 31.
MySQUAR said its operating environment is continuing to improve, amid the ongoing economic and political transparency being seen in Myanmar, and said it expects its revenue to gradually increase over the course of the 2016 financial year, though it said it remains in the early stages of monetising its product.
In November's historic election in Myanmar, exactly five years after she was last released from house arrest, Aung San Suu Kyi's opposition party won a majority of seats in parliament.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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