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Midpoint posts first ever quarterly profit

Tuesday, February 28, 2017 11:54
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Midpoint Holdings Ltd. (CVE:MPT) reported its first profitable quarter in the firm’s history as it delivered its second quarter results, as well as a half-year jump in cash.

The peer to peer foreign exchange and international payments platform operator recorded comprehensive income of C$10,596 in the quarter ended Dec. 31, versus a comprehensive loss of C$263,911 in the same period in 2015.

It means that for the six months ended Dec 31 the comprehensive loss fell to C$171,497 versus a loss of C$582,846 in the same six months in 2015.

Cash in the six months to Dec 31 burgeoned to C$538,836 from C$305,246 in 2015.

Revenue also rose to C$91,566 in the three months to Dec 31 versus C$66,243 a year earlier, with the firm’s highest-ever revenue being record in December 2016. The average transaction size is approximately C$40,000.

Midpoint’s gross margin exceeded 80% as the company recorded a basic and diluted profit of C$0.0001 per share.

The firm had a record low operating cost reflecting effective and increased asset utilization ratio and new management grew revenue whilst cutting cost and improving margins.

“We are pleased to report our first profitable quarter in the Company’s history having appointed a new management team in November 2015,” the company said in a statement.

Story by ProactiveInvestors


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