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e-pay Asia

  • BY: Andrew Hore |
  • POSTED: 22/10/2007 |

Mobile payments company e-pay Asia has decided to close its Indonesian business. 

A sharply reduced profit of A$241,000, against A$5.09m, was reported by e-pay in the six months to June 2007. That includes a A$927,000 write-off of goodwill related to Indonesia, which also made an operating loss. Management couldn’t see a change in the tough trading conditions and the Indonesian business would have continued to lose money.

The main Malaysian business is trading well according to the board. It hasn’t been put off expanding elsewhere in Asia and still expects to enter new markets. The company has signed a deal with AsiaNet Technology as a way of getting into the Chinese market.

The technology will be provided by e-pay while AsiaNet has the contacts in the Chinese telecoms sector. It is loaning AsiaNet A$2.5m and has the right to convert it into a 51% stake within 12 months. It will have first rights to buy the rest of the business.

The shares fell a further 0.125p to 3.25p. They have been as high as 24.75p in the past year. 

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