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Monitise takes 167-million-sterling charge, posts wider H1 loss
February 12, 2016 / 7:53 AM / 2 years ago

Monitise takes 167-million-sterling charge, posts wider H1 loss

(Reuters) - Monitise Plc MONI.L, a mobile banking technology company, said it took a non-cash impairment charge of 166.8 million pounds ($241.6 million) in the first half for its non-cloud intangible assets.

The company, which reaffirmed its expectation of returning to core earnings profitability in the second half of 2016, said a review of its intangible assets led to a wider loss before tax of 210.5 million pounds in the first half ended Dec. 31.

“The essential transition to cloud-based services and sustainable recurring revenues, continues to be very challenging,” Chairman Peter Ayliffe said in a statement.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair

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