ManagePay 2Q net loss widens on higher costs

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KUALA LUMPUR (Aug 27): ManagePay Systems Bhd's net loss for the second quarter ended June 30, 2019 widened to RM3.04 million from RM1.75 million a year earlier, on the back of an increase in direct cost from the set-up costs the group had incurred for several of its projects.

Revenue for the quarter increased to RM3.56 million from RM2.99 million a year earlier, while loss per share was 0.43 sen versus 0.25 sen previously.

For the six months ended June 30, ManagePay said its net loss rose to RM4.69 million from RM4.13 million in the previous year, while revenue rose to RM7.77 million from RM5.78 million a year earlier.

On its prospects, ManagePay said with steady growth in both the e-payment and e-wallet businesses, as well as the group's new foray into the digital TV industry, it expects steady growth in revenue by the end of 2019.

At the midday break, ManagePay fell 4.76% or 0.5 sen to 10 sen for a market capitalisation of RM71.05 million.