MoneyOnMobile Announces Second Quarter Revenue Increased 84% Year over Year
MoneyOnMobile, Inc. (OTCQB: MOMT) announced that during the second quarter of fiscal year 2018, July-September 2017, net revenue rose 84% compared to the same quarter of fiscal year 2017. Gross Profit increased 79% year-over-year to just more than $1 million for the quarter.
“We are excited that our business growth has been strong this year. Our monthly net revenue has grown 270% from January to October of 2017. That growth has been fueled by an increase in the number of MOM ATM’s in the field, and a domestic remittance product which has grown rapidly. These results have been delivered by a strategic focus on growing the revenue generated per retailer and thanks to the great work of our sales and marketing teams,” said Harold Montgomery, Chairman and CEO of MoneyOnMobile.
“In the last 4 months, we have seen a steady growth in revenues, month on month. The credit for the upward trend also goes to our channel partners who have shown how a product like ours can create a demand for itself in the market and pull in customers to visit the retail stores.” said Ranjeet Oak, Jt. Managing Director of MoneyOnMobile’s India subsidiary.
For a complete listing of the financial information presented during our Q2-FY2018 Earnings Call, visit http://investors.moneyonmobile.in/investor_relations/presentations/
Watch the Q2-Fy2018 Presentation Below:
View the complete 10-Q filing for Q2-FY18 here.