MOKO.mobi 1H revenue doubles

MOKO.mobi (ASX:MKB), developer of the eponymous mobile social networking platform, said its unaudited results show a 105 per cent increase in revenue for 1H11

Mobile social networking platform developer MOKO.mobi (ASX:MKB) has revealed it is expecting a 1H net revenue of nearly $384,000 – a 105 per cent year-on-year increase.

In a market update, the company said its preliminary accounts show a 124 per cent increase in gross revenue to $742,500 for the quarter.

The global user base of its eponymous mobile social networking platform grew to 4.9 million, as MOKO.mobi secured a third carrier customer in Malaysia - Celcom – and entered talks for new distribution channels and partnerships.

MOKO.mobi said it is currently designing a mobile social network purpose-built for the Japanese fashion scene, and expects to soon go live at both AT&T and Verizon in the US.

The company also provided an update of its plans to acquire UK-based mobile social video service EyeVibe.

Due diligence on the deal is expected to be completed shortly, the update stated.

MOKO.mobi expects to “continue to build” its revenue going forward, the company said without providing specific forecast figures.

MKB shares stayed flat on Monday at $0.090.

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