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(Alliance News) - Sealand Capital Galaxy Ltd on Monday said its loss widened slightly in the first half of 2019 after a sizeable gain on other income the year before, as well as higher cost of services.
Sealand invests in and acquires "digital marketing, mobile payment and other IT related businesses". It posted a GBP595,635 pretax loss for the six months ended June 30, widened from GBP556,386 a year before.
While revenue rose 45% to GBP119,984 from GBP82,811, this was offset by a 93% rise in cost of services to GBP89,198 from GBP46,291. As a consequence, gross profit fell 16% to GBP30,786 from GBP36,520.
On top of this, the firm recorded GBP14,810 of other income for the period, far below the GBP47,247 figure the year before.
Executive Chair Nelson Law said: "The mobile gaming, payment and advertising sector in China and across the Asian region remains buoyant and weathers macroeconomic instability and the ongoing trade dispute with the United States. Digital relationships between consumers and merchants continue to change, and where there is change, there will always be opportunity.
"In this regard our investment in New Sky Global Media enables us to tap into the countless opportunities that arise from the Asian digital marketing space. Being a preferred overseas licensed operator of Tencent products and services also allows us to exploit opportunities domestically in China, such as Tencent RMP car; as well as using data driven solutions to help overseas merchants target inbound Chinese travelers and expats."
Law added: "We are in advanced discussions to secure the funding needed to monetize these opportunities fully and look forward to updating the market in due course."
Shares in Sealand Capital were untraded at 2.65 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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