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.  

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook