Myanmar-language social media, entertainment and payments platform MySQUAR Limited (LON:MYSQ) saw revenues soar in its first quarter.
The AIM-quoted firm said it had made “significant progress” so far this year, having launched several new mobile games as well as partnering up with telecoms network Ooredoo to allow customers to add the cost of the apps to their phone bill.
Revenues up to US$135,000 a month
As a result, revenues jumped 350% to US$135,000 a month in the quarter ended September 30 (Q3 2016: £29,744 a month).
The majority of these sales were generated by MySQUAR’s mobile gaming operations, the company said.
MySQUAR has had its hands full with the Ooredoo integration and development of new games and apps so hasn’t been providing third party app development.
It does expect to carry out third party app development later on this year as the workload eases.
On a side note, MySQUAR has taken the first steps in appointing a marketing director due to the continued interest in its products within Myanmar and elsewhere in South East Asia.
Boss ‘extremely pleased’ with progress
"We are extremely pleased with last financial year's performance and the progress to date this financial year,” said chief executive Eric Schaer.
“Mobile gaming and app revenues in the comparable period have enjoyed a remarkable increase and we have good reason to believe that interest in our out-sourcing development services will be as high in the current financial year as in the last.”
The annual report is expected to be published next month.
After recent strong gains following partnership news earlier this week, in afternoon trading, MySQUAR shares were down 22% at 3.13p.
-- Updates shares price, restated for correction --