Onmobile Global has posted a net profit of Rs 9.33 crore for the quarter ended June 30. The mobile VAS company is back to profitability this quarter after steadily narrowing losses in the preceding quarters. Onmobile had reported a net loss of Rs 14.8 crore and a loss of Rs 6.57 crore in the same quarter last year. Note that Onmobile has adopted the new Indian Accounting Standards (IAS) for this quarter. As such, the net loss according to the older Generally Accepted Accounting Principles (GAAP) stood at Rs 6.1 crore in the previous quarter and Rs 16 lakh in the same quarter last year. Revenues in the company declined 5.75% to Rs 188.61 crore compared to Rs 200.12 crore the preceding quarter. Onmobile had reported revenues Rs 201.82 crore in the same quarter last year, a decline of 6.54%. Onmobile attributed the reduction of revenue to the final wind-down of businesses categorized as noncore, and partially due to the renewals of customer agreements with revised revenue share Cash reserves for the company decreased 20.16% to Rs 265.2 crore from Rs 320.9 crore in the preceding quarter. EBITDA increased 12.9% q-o-q to Rs 29.7 crore. Employee costs decreased 3.52% from the preceding quarter to Rs 54.2 crore. Employee costs were 31.23% of total costs. For context, three years ago, employee cost was 40% of total costs. Paid subscribers for the Ring Back Tone business surpassed 73 million globally. India business At 24.12% of total revenues, India business was Rs 45.5 crore, up 1.4% sequentially from Rs 44.9 crore and up 2.5% y-o-y. Onmobile mentioned that its market…
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