DALLAS and MUMBAI, India, Nov. 20, 2017 /PRNewswire/ -- 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/
View the complete 10-Q filing for Q2-FY18 here.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or Internet site. MoneyOnMobile has more than 335,000 retail locations throughout India.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6th, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Web site: www.MoneyOnMobile.in
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SOURCE MoneyOnMobile, Inc.