30th Mar 2016 10:31
LONDON (Alliance News) - Myanmar-based social media and entertainment platform operator MySQUAR Ltd on Wednesday said it has secured a contract extension with MyPAY as its interim loss widened.
MySQUAR said it has extended its service agreement with MyPAY Ltd, the mobile payments company, to cover further work on the integration of MyPAY's mobile payment service as a feature in MyCHAT, MySQUAR's mobile messaging and social networking application.
The revised implementation fee will be USD750,000, up from the USD500,000 previously announced, MySQUAR said.
Part of the revenue from the MyPAY deal was booked by MySQUAR in the first half of its financial year, meaning revenue for the six months to the end of December was USD250,000, compared to zero the year before.
MySQUAR's pretax loss for the half was USD1.3 million, compared to USD822,771 a year earlier, mainly thanks to higher operating costs as it started its work with MyPAY.
MySQUAR said it has now established a series of commercial relationships with advertisers to use the MyCHAT system and has signed a series of local partnerships in Myanmar, including with leading local content providers.
MySQUAR shares were up 2.5% to 9.35 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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