Infinio's H1 loss narrows 16% to $0.45m

Due to lessened administrative expenses.

Infinio narrowed its net loss for the half year ending in September, but its dropped to zero as compared to the previous financial year.

This was due mainly to loss of revenue from the its online payment business following the expiry of the license held by Onegame Pte Ltd in June 2015. The other income received is the job credits grant from the Government.

Meanwhile, administration expenses decreased by 22% to $0.43m from $0.55m mainly due to reduction in staff and related costs by $89,000 in this financial period.

However, finance costs increased by $27,000 to $32,000 mainly due to the additional interest expense payable on the loan extended by Advance Opportunities Fund and loans obtained from an unrelated third party amounting to $400,000 & $60,500 respectively.

With this, had a net loss of approximately $0.45 million in HFY2017 as compared to a net loss of approximately $0.5 million in HFY2016.