MySQUAR makes 'significant progress' as revenues surge

Myanmar-language social media, entertainment and payments platform MySQUAR updated the market on its recent trading on Wednesday morning, saying it was continuing to make “significant progress” in achieving its operational goals.

The AIM-traded company said those included the launch of new gaming titles, and the previously-announced integration with Ooredoo Myanmar's carrier billing services.

Unaudited revenue during the July-to-September period of the current financial year averaged approximately $0.14m per month, representing an increase of around 450% per cent compared to the average monthly revenue of just under $30k during the same period last year.

MySQUAR said the majority of that new revenue was from its mobile gaming operations.

The company said it had not been providing third-party app development services during the financial year to date, with the development team focusing on its core offerings, including the Ooredoo payments integration and other technical work such as expansion packs for existing games and development of new games and apps.

MySQUAR said it did, however, expect to carry out further third party app development work later in the year, adding that it would provide further announcements “as appropriate”.

The board said it expected to provide more detail in its annual report for the year to 30 June 2017, which was expected to be published during November.

“We are extremely pleased with last financial year's performance and the progress to date this financial year,” said CEO Eric Schaer.

“Mobile gaming and app revenues in the comparable period have enjoyed a remarkable increase and we have good reason to believe that interest in our out-sourcing development services will be as high in the current financial year as in the last.”

Additionally, MySQUAR announced that - due to the continued increased interest in products both within Myanmar and elsewhere in south east Asia - it intended to appoint a marketing director.

The early stages of the selection process had begun, and an update would be provided when the process was completed, the board said.