MySQUAR Limited MySQUAR Achieves Run Rate Operating Breakeven (0025K)

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RNS Number : 0025K

MySQUAR Limited

04 July 2017

4 July 2017

MySQUAR Limited ("MySQUAR" or the "Company)

MySQUAR Achieves Run Rate Operating Breakeven

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is excited to announce that the business has reached a very significant milestone of achieving run rate operating breakeven.

The Company continues to make significant progress in achieving its monetisation targets. During the last few days of June 2017, the average daily revenue reached approximately USD 8,500, an increase of 21.4% from an average of USD 7,000 in early June 2017 and an increase of 54.5% from an average of c. USD 5,500 for the whole of May 2017 (the average daily revenue for all of June was c. USD 7,200, a 30.9% increase on May 2017).

The majority of current daily revenue continues to be generated from gaming and mobile payment application development services. The growth in average daily revenue exhibited between May and June was principally as a result of growth in gaming revenue and in app premium content. The Company anticipates that going forward in-app premium content purchases will represent an increasing proportion of the Company's revenue.

Eric Schaer, CEO of MySQUAR, said: "This is a remarkable finish to the fiscal year end 2017 as the Company's revenue has steadily grown and we have met our target of achieving operating run rate breakeven. We are very pleased that our divisions across games and apps have established a solid reputation from consistently releasing new titles and features that are in the top downloads in Myanmar, and that premium content within our apps is steadily gaining popularity. We look forward to the upcoming fiscal year 2018, during which the Company will continue to enhance its product lines and increase market share while maintaining a focus on achieving monetisation targets."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief Executive)  Tel: +65 6818 
                                6089 
Pham Dang Hung (CFO) 
 
SP Angel Corporate Finance 
 LLP 
Nominated Adviser              Tel: +44 (0) 203 
                                470 0470 
Stuart Gledhill/Soltan 
 Tagiev 
 
 Beaufort Securities Limited     Tel: +44 (0) 207 
 Broker                          382 8300 
 Jon Belliss/Elliot Hance 
  Public Relations 
  Damien McCrystal               Tel: +44 (0) 781 
                                 677 0758 
                                 [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 04, 2017 02:00 ET (06:00 GMT)