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MC Payment reports operating profit but net loss due to goodwill write-off

The Edge Singapore
The Edge Singapore  • 1 min read
MC Payment reports operating profit but net loss due to goodwill write-off
MC Payment reports operating profit of $0.66 million, but net loss of $29.4 million due to goodwill write off
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MC Payment reported a net loss of $29.4 million mainly due to one-time RTO expenses of $30 million, of which $26.4 million was a non-cash expense item relating to the write-off of goodwill for the reverse takeover of the company. Excluding the one-time RTO expenses and a one-time legal fee of $0.16m relating to the EGM on June 30, 2021, the adjusted net profit was $0.66 million

See also: MC Payment proposes name change to OxPay Financial

Gross profit rose 11% to S$2.8 million in 1H2021, despite a slight decrease in revenue, due to a better pricing strategy, as gross profit margin jumped by nearly 600 basis points to 47.7% in 1H2021. Administrative expenses increased by $4.2 million due mainly to the one-time RTO expense of $3.6 million, as well as higher legal fees of $0.1 million and expenses incurred due to a one-time legal fee of $0.16 million relating to the EGM on 30 June 2021. The group’s operating and free cash flow were positive for 1H2021.

For more stories about where the money flows, click here for our Capital section

MC Payment has announced a name change to OxPay Financial, subject to shareholders’ approval in an EGM to be held on Sept 2, 2021.

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