SINGAPORE (Yosefardi) – Australian listed MNC Media Investment Ltd (ASX: MIH), a provider of media and entertainment content and services in key strategic markets in Asia, has returned to the black.
It, subsidiary of PT Global Mediacom Tbk, reported a net profit of US$0.2 million as its revenue leapt to US$25.1 million in the first quarter of 2015 (1QFY2015). This is more than double its revenue of US$10.9 million for the corresponding quarter last year (1QFY2014), and a jump of 28% compared to 4QFY2014.
The Group’s turnaround was powered largely by its focus on two high-growth sectors – mobile games and social e-commerce in China.
The Group’s financial position remains healthy. Cash and cash equivalents and short-term investments decreased slightly from US$111.1 million to US$110.3 million as of December 31, 2014 and March 31, 2015.
Its mobile games revenue in the first quarter accounted for 83% of gross revenues, or $20.8 million, a jump of 69% over the fourth quarter of 2014, fuelled mainly by increased sales in China arising from the Group’s key titles – Boonie Bears and Armoured Heroes.
The Group’s social e-commerce revenue in China accounted for $2.0 million or 8% of total revenue for 1QFY2015 compared to S$1.8 million for 4QFY2014.
The group will continue to pursue growth in the mobile games and social e-commerce arena. China’s mobile game market is leading the pack in Asia. According to reports by SuperData, the country has 650 million monthly active users and this is set to surpass 800 million by next year (Source: Gamesbeat Apr 23, 2015).
Established in 1999, MNC Media Investment Ltd is a provider of rich and engaging services and content to a wide range of traditional and new media consumers and enterprises in mainland China, Indonesia, Malaysia, Hong Kong and Singapore.