XOX Group posts 1Q net loss of RM1.66m

by **hlk** Fri 10 Jun 2011, 03:00

KUALA LUMPUR: Mobile virtual network operator XOX Group Bhd, scheduled to list on the ACE Market on Friday, June 10, reported that it made a net loss of RM1.66 million in the quarter ended March 31.

It said on Thursday, June 9 the loss after taxation was mainly due to the selling and distribution expenses which were necessary in creating brand awareness for XOX’s services.

It recorded revenue of RM12.68 million on the back of about 391,000 subscribers.

“During the current quarter XOX has also managed to record an average revenue from sales of recharge of approximately RM30 per user per month,” it said.

Under the listing exercise, the offer price of the shares was 80 sen.

It received 6,652 applications for 106.5 million shares with a total value of RM85.2 million, for the public tranche of 7.5 million shares.