Monitise Plc, a U.K. provider of mobile-banking services, said its live operations will start generating profit in the second half.
The company’s net loss in the six months to Dec. 31 was 8.4 million pounds ($13.5 million), or 1.3 pence per share, compared with a loss of 6.3 million pounds, or 1.6 pence per share, in the year-earlier period, the London-based company said in a statement. Sales more than tripled to 5.3 million pounds.
Monitise raised about 31 million pounds last year to invest in technology and expand in countries such as India, where banking facilities are scarce and mobile-phone networks are more extensive than land lines. Ninety percent of its revenue comes from already functioning systems, Chief Executive Officer Alastair Lukies said.
“Our revenue is growing at substantial rates and our user numbers are growing,” Lukies said in a telephone interview. “We will see profit in all of our live operations six to 12 months ahead of plan.”
Chief Financial Officer John Brougham said the company is on schedule to meet its goal of breaking even by calendar year 2013.
Monitise said Standard Chartered Plc has adopted its systems in India.