1st Sep 2020 17:41
(Alliance News) - Wameja Ltd on Tuesday said its loss narrowed in the first half of 2020 amid lower expenses.
The Australian software company said its loss narrowed in the six months to the end of June to USD3.2 million from USD6.8 million reported a year prior, as administrative expenses were reduced to USD659,000 from USD2.0 million. .
In addition, Wameja said it recorded a USD660,000 gain on the foreign currency exchange compared to USD163,000 loss posted a year earlier.
The company partnered with Mastercard Inc to build the HomeSend global payments hub. HomeSend enables cross-border transfer between bank accounts, cards, mobile wallets, or cash outlets from anywhere in the world.
HomeSend is 36% owned by Wameja and 64% by Mastercard.
During the period, Wameja said there was a net cash outflow of USD6.3 million primarily resulting from a net outflow from investing activities, mainly in relation to investment and advances to HomeSend.
Cash as at the end of June was USD5.3 million.
Wameja shares closed 4.5% higher in London on Tuesday at 5.54 pence each.
By Evelina Grecenko; [email protected]
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