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MySQUAR Limited expecting increase in revenue from new game launches

Published: 17:30 29 Mar 2018 BST

Mobile games
Revenues are expected to grow once the new games are released

MySQUAR Limited (LON:MYSQ), the Myanmar-language social media, entertainments and payments platform operator, said it made good progress in the first half of its financial year.

In his interim results statement, Eric Schaer, the chief executive officer, highlighted the release of three new mobile games, one mini-game, the launch of Mingalarbar Morning, the addition of new premium content to the dating feature in MyChat, the addition of Ooredoo's carrier billing services and a cooperation agreement with Rightyoo in the second half of 2017.

Revenue for the six months to December 31 rose to US$917,180 from US$340,716 in the corresponding period of 2016, with the majority of the revenue coming from mobile gaming operations.

Revenue since the beginning of the second half of the financial year has been similar to that seen in the first few months of the financial year. Still, MySQUAR expects revenues for the second half as a whole to be higher than the first half due to new game launches and increasing advertising revenue.

The loss before tax widened to US$1.85mln from US$1.26mln the year before as the growth in the company’s operations led to a sharp increase in marketing and administration expenses.

The cash balance at the end of 2017 was US$68,147, while trade receivables, which should flow into the coffers this quarter, totalled US$218,401. Since the end of 2017, the company has raised £1.2mln through a share placing and pocketed £130,625 from the conversion of 2.38mln warrants.

The shares fell 0.22p to 1.38p as the company said there had been no “substantive progress” made in relation to the preliminary takeover approach it received in early January.

“The group continues to discuss a number of commercial and investment opportunities with various regional participants and further announcements will be made should these discussions progress to firm proposals. The board understands that this may be frustrating for some investors who would prefer a faster pace to negotiations; however, that is not necessarily the way of business in South East Asia,” Schaer explained.

For the remainder of the financial year, the group will concentrate on further developing its lifestyle brands including MyGame, Mingalarbar Morning and the rebranded MyMingalarbar to retain its position as the leading mobile media and entertainment provider in Myanmar.

New games will continue to be released on a frequent basis, while Mingalarbar Morning and MyMingalarbar will be further enhanced.

MySQUAR targets more users after hitting one million mark in Myanmar

The chief executive of MySQUAR (LON:MYSQ), Eric Schaer, says the Myanmar-focused social media group is aiming for 2 million users in the country next year. Today the company, which listed on AIM in July, told investors it had knocked down a key milestone – it now has over 1 million...

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