12 Jun 2015

Snakk's full year loss more than $4m

2:48 pm on 12 June 2015

Snakk Media says its full year loss is more than twice the size of last year's, due to a number of significant investments, including the opening of a new office in Singapore, an increase in sales and technology staff, and the development of new products.

The mobile advertising service provider's net loss widened to over $4 million in the 12 months ended in March, from a loss of $1.7 million the year earlier.

On the plus side, the company's revenue rose 40 percent to $9.9 million, driven by a large increase in overseas revenue.

Snakk chief executive Mark Ryan said there was a sixfold increase in second half sales in Southeast Asia.

He said the investment in the first half of the year set the foundation for growth in the second half.