("
Unaudited interim results for the six months ended
Highlights:
· Revenue increased by 4.9% to
· Loss after tax reduced to
· Cash and cash equivalents (including fixed deposits classified under other financial assets) at
· The Group anticipates a challenging business environment and remains cautious about the outlook for the remainder of 2025; and
· The expected completion of the proposed joint venture with
For further information, contact:
Dato'
(Nominated Adviser and Broker) +44 20 3328 5656
Nick Athanas / Vivek Bhardwaj
About the Group:
MobilityOne is one of the leading virtual distributors of mobile prepaid reload and bill payment services in Malaysia. With connections to various service providers across industries such as banking, telecommunications, utilities, government agencies, and transportation, the Group operates through multiple distribution channels including mobile wallets, e-commerce sites, EDC terminals, automated teller machines, kiosks, and internet & mobile banking. Holding licenses in regulated spaces including acquiring, e-money, remittance and lending, the Group offers a range of services to the market, including wallet, internet, and terminal-based payment services, white label e-money, remittance, lending, and custom fintech ecosystems for communities. The Group's flexible, scalable technology platform enables cash, debit card, and credit card transactions from multiple devices while providing robust control and monitoring of product and service distribution.
For more information, refer to our website at www.mobilityone.com.my
Chairman's statement
The Group's revenue increased by 4.9% to
The Group reported a reduced loss after tax of
The Group's international remittance services in Malaysia experienced higher transaction volumes, but the contribution remains relatively modest. For the business in Brunei, while the Group is hopeful of its business growth, the operation represents an insignificant proportion of the Group's overall business. The Group has ceased exploring new business in the Philippines and has since discontinued its operations in the Philippines.
As at
Current trading and outlook
The Group's business activities continue to be predominately concentrated in Malaysia. Mobile phone prepaid airtime reloads and bill payments continued to be the main business activities for the Group. The Group's international remittance business is expected to grow further. The Group's focus on retail electronic payments business, which covers both physical and online merchants, is also expected to grow steadily. The e-money businesses in Malaysia as well as the payment solution business in Brunei are expected to remain insignificant.
The Group's foray into the health technology industry via the Group's subsidiary
There are two major transactions pending completion, which are anticipated to have a material positive impact to the future financial performance of the Group:
(1) Disposal of
On
The Disposal was initially subject to the completion of a merger exercise between
It was further agreed that, irrespective of the completion of the Disposal and subject to the completion of the Merger Exercise, Super Apps shall pay M1 Malaysia the following consideration:
(a)
(b)
In addition, pursuant to the terms of the Proposed Joint Venture, M1 Malaysia undertook to provide the necessary technical and business support to 1Shop and guaranteed that 1Shop will achieve revenues of at least
Most recently, on
(2) Acquisition of Hati via Sincere
On
The Second Tranche Payment Date has been subject to prior extensions and was most recently extended to
As part of the Group's business plans, the Group has identified the following business areas for future growth:
(1) Electronic payment system
The Group is actively expanding its merchant acquiring business across both online and offline channels. Collaborations with local banks have been established to enhance merchant onboarding and payment acceptance capabilities, aligning with Malaysia's broader shift towards digital payments.
Internationally, the Group has secured regulatory approval from Brunei's central bank to operate a merchant acquiring business in Brunei. With most of the Bruneians engaging in e-commerce activities such as shopping, banking, and bill payments, the Group is well-positioned to tap into this growing market upon receiving final operational clearance.
(2) eMoney business
The Group's e-money business is expected to grow through collaborations and technological advancements. The Group is actively working on expanding its white-label collaborations to broaden the user base and is developing capabilities to facilitate regional acceptance of the Group's e-money services. Internationally, the Group has secured an e-money license from Brunei's central bank and plans to launch the services in Brunei by the end of 2025, subject to fulfilling the conditions set forth by the regulator.
(3) Money transfer business
The Group expects further growth in the money transfer business with such growth expected to be fuelled by strategic partnerships and market diversification. While development using SWIFT network is still underway, new collaborations with bKash (i.e, the biggest mobile financial services provider in Bangladesh) and Mastercard Send, which is expected to go live in the next few months, will enhance the Group's product offerings, enabling faster and more secure cross-border transactions. Additionally, the Group has initiated incoming remittance services to Somalia, tapping into underserved markets and broadening its global reach. These initiatives are expected to drive revenue growth.
(4) Health technology initiatives
The Group's venture into the health technology sector is expected to yield promising developments for the Group in the long run, with a hospital project in Thailand as well as the Hospital Information System (HIS) implementations at several hospitals in Malaysia. These initiatives align with Malaysia's broader digital health transformation strategy. Currently, most of the health clinics in Malaysia do not have digital health records, highlighting the significant growth potential in this sector. The Malaysian government's phased implementation of digital health initiatives aims to fully digitalise half of government health clinics by 2030, presenting substantial opportunities for health technology providers. The Group's involvement in these pioneering projects is expected to allow the Group to expand its health technology business in Malaysia.
The Group anticipates a challenging business environment and remains cautious about the outlook for the remainder of 2025. The Group's potential collaboration with TETE continues with the relevant parties working towards a Merger Exercise deadline of
Furthermore, while the health technology business shows strong promise, it also faces notable challenges, particularly rising manpower costs, increased competition from regional players, and the need for Hati to carefully manage its project pipeline to avoid overcommitment and to maintain service quality and post‑implementation support excellence.
Notwithstanding the challenges ahead, the Group remains excited about the future prospects of the Group and looks forward to the TETE transaction closing so that the Board can look to progress initiatives across both its core business in Malaysia and at Hati.
Abu Bakar bin Mohd Taib (Chairman)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS PERIOD ENDED
|
|
Six months |
|
Six months |
|
Financial year |
|
|
Ended |
|
Ended |
|
Ended |
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
CONTINUING OPERATIONS |
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Revenue |
115,956,978 |
|
110,488,003 |
|
230,227,323 |
|
Cost of sales |
(110,368,404) |
|
(105,464,057) |
|
(219,123,512) |
|
|
|
|
|
|
|
|
GROSS PROFIT |
5,588,574 |
|
5,023,946 |
|
11,103,811 |
|
|
|
|
|
|
|
|
Other operating income |
15,741 |
|
10,625 |
|
55,303 |
|
Administration expenses |
(6,113,592) |
|
(6,247,169) |
|
(13,395,599) |
|
Other operating expenses |
(187,038) |
|
(162,877) |
|
(192,677) |
|
Net loss on financial instruments |
- |
|
- |
|
(172,190) |
|
|
|
|
|
|
|
|
OPERATING LOSS |
(696,314) |
|
(1,375,475) |
|
(2,601,352) |
|
|
|
|
|
|
|
|
Finance income |
12,746 |
|
14,191 |
|
46,246 |
|
Finance costs |
(204,038) |
|
(157,203) |
|
(357,380) |
|
Share of post-tax loss of equity accounted |
|
|
|
|
|
|
associates |
(113,905) |
|
(157,630) |
|
(584,896) |
|
|
|
|
|
|
|
|
LOSS BEFORE TAX |
(1,001,512) |
|
(1,676,117) |
|
(3,497,382) |
|
|
|
|
|
|
|
|
Tax |
(139,146) |
|
(416) |
|
50,762 |
|
|
|
|
|
|
|
|
LOSS FROM CONTINUING OPERATIONS |
(1,140,658) |
|
(1,676,533) |
|
(3,446,620) |
|
|
|
|
|
|
|
|
Gain on disposal of subsidiary |
- |
|
- |
|
34 |
|
|
|
|
|
|
|
|
|
(1,140,658) |
|
(1,676,533) |
|
(3,446,586) |
|
|
|
||||
|
Attributable to: |
|
|
|
|
|
|
Owners of the parent |
(1,138,860) |
|
(1,672,674) |
|
(3,446,067) |
|
Non-controlling interest |
(1,798) |
|
(3,859) |
|
(519) |
|
|
(1,140,658) |
|
(1,676,533) |
|
(3,446,586) |
|
|
|
|
|
|
|
|
LOSS PER SHARE |
|
|
|
|
|
|
Basic (loss) / earnings per share (pence) |
(1.071) |
|
(1.574) |
|
(3.242) |
|
Diluted (loss) / earnings per share (pence) |
- |
|
(1.574) |
|
(3.242) |
|
|
|
|
|
|
|
|
LOSS FOR THE PERIOD/YEAR |
(1,140,658) |
|
(1,676,533) |
|
(3,446,586) |
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE (LOSS)/ PROFIT |
|
|
|
|
|
|
Foreign currency translation |
(196) |
|
(41,786) |
|
68,333 |
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS FOR |
|
|
|
|
|
|
THE PERIOD/YEAR |
(1,140,854) |
|
(1,718,319) |
|
(3,378,253) |
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
Owners of the parent |
(1,139,465) |
|
(1,714,710) |
|
(3,377,170) |
|
Non-controlling interest |
(1,389) |
|
(3,609) |
|
(1,083) |
|
|
(1,140,854) |
|
(1,718,319) |
|
(3,378,253) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
|
|
|
At |
|
At |
|
At |
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
£ |
|
£ |
|
£ |
|
Assets |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Intangible assets |
510,410 |
|
543,664 |
|
563,157 |
|
|
Property, plant and equipment |
395,491 |
|
435,320 |
|
469,344 |
|
|
Investment property |
244,062 |
|
242,208 |
|
253,879 |
|
|
Right-of-use assets |
217,078 |
|
177,821 |
|
281,179 |
|
|
Trade and other receivables |
225,237 |
|
889,800 |
|
203,139 |
|
|
Investment in associate |
4,413,410 |
|
4,754,604 |
|
4,606,344 |
|
|
Other investment |
11,264 |
|
10,899 |
|
11,569 |
|
|
|
6,016,952 |
|
7,054,316 |
|
6,388,611 |
|
Current assets |
|
|
|
|
|
|
|
|
Inventories |
791,848 |
|
1,495,795 |
|
1,286,853 |
|
|
Trade and other receivables |
5,376,599 |
|
2,572,590 |
|
4,715,886 |
|
|
Other financial assets |
512,924 |
|
474,032 |
|
520,399 |
|
|
Tax recoverable |
28,331 |
|
160,267 |
|
174,895 |
|
|
Cash and cash equivalents |
2,484,317 |
|
3,938,017 |
|
3,979,183 |
|
|
|
9,194,019 |
|
8,640,701 |
|
10,677,216 |
|
|
|
|
|
|
|
|
|
Total Assets |
15,210,971 |
|
15,695,017 |
|
17,065,827 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the parent: |
|
|
|
|
|
|
|
|
Called up share capital |
2,657,470 |
|
2,657,470 |
|
2,657,470 |
|
|
Share premium |
909,472 |
|
909,472 |
|
909,472 |
|
|
Reverse acquisition reserve |
708,951 |
|
708,951 |
|
708,951 |
|
|
Foreign currency translation reserve |
571,879 |
|
462,115 |
|
572,484 |
|
|
Accumulated losses |
(6,087,175) |
|
(3,174,922) |
|
(4,948,315) |
|
Shareholders' equity |
(1,239,403) |
|
1,563,086 |
|
(99,938) |
|
|
Non-controlling interest |
(15,806) |
|
(16,943) |
|
(14,417) |
|
|
Total Equity |
(1,255,209) |
|
1,546,143 |
|
(114,355) |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Loans and borrowings - secured |
177,764 |
|
181,926 |
|
186,642 |
|
|
Lease liabilities |
75,440 |
|
126,381 |
|
162,115 |
|
|
Deferred tax liabilities |
753 |
|
45,169 |
|
774 |
|
|
253,957 |
|
353,476 |
|
349,531 |
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade and other payables |
4,402,715 |
|
2,587,235 |
|
4,791,639 |
|
|
Deferred consideration due |
4,852,098 |
|
4,695,151 |
|
4,983,537 |
|
|
Amount due to directors |
52,300 |
|
58,300 |
|
51,832 |
|
|
Loans and borrowings - secured |
6,765,493 |
|
6,390,338 |
|
6,890,030 |
|
|
Lease liabilities |
139,617 |
|
62,662 |
|
113,613 |
|
|
Tax payables |
- |
|
1,712 |
|
- |
|
|
|
16,212,223 |
|
13,795,398 |
|
16,830,651 |
|
Total Liabilities |
16,466,180 |
|
14,148,874 |
|
17,180,182 |
|
|
|
|
|
|
|
|
|
|
Total Equity and Liabilities |
15,210,971 |
|
15,695,017 |
|
17,065,827 |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED
|
|
|
Non-Distributable |
Distributable |
||||||
|
|
|
|
|
Foreign |
|
|
|
|
|
|
|
|
|
Reverse |
Currency |
|
|
Non- |
|
|
|
|
Share |
Share |
Acquisition |
Translation |
Accumulated |
|
Controlling |
Total |
|
|
|
Capital |
Premium |
Reserve |
Reserve |
Losses |
Total |
Interest |
Equity |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
As at |
2,657,470 |
909,472 |
708,951 |
504,151 |
(1,502,248) |
3,277,796 |
(13,334) |
3,264,462 |
|
|
Loss for the period |
- |
- |
- |
- |
(1,672,674) |
(1,672,674) |
(3,859) |
(1,676,533) |
|
|
Foreign currency translation |
- |
- |
- |
(42,036) |
- |
(42,036) |
250 |
(41,786) |
|
|
As at |
2,657,470 |
909,472 |
708,951 |
462,115 |
(3,174,922) |
1,563,086 |
(16,943) |
1,546,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As at |
2,657,470 |
909,472 |
708,951 |
462,115 |
(3,174,922) |
1,563,086 |
(16,943) |
1,546,143 |
|
|
Loss for the period |
- |
- |
- |
- |
(1,773,393) |
(1,773,393) |
3,340 |
(1,770,053) |
|
|
Foreign currency translation |
- |
- |
- |
110,369 |
- |
110,369 |
(814) |
109,555 |
|
|
As at |
2,657,470 |
909,472 |
708,951 |
572,484 |
(4,948,315) |
(99,938) |
(14,417) |
(114,355) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As at |
2,657,470 |
909,472 |
708,951 |
572,484 |
(4,948,315) |
(99,938) |
(14,417) |
(114,355) |
|
|
Loss for the period |
- |
- |
- |
- |
(1,138,860) |
(1,138,860) |
(1,798) |
(1,140,658) |
|
|
Foreign currency translation |
- |
- |
- |
(605) |
- |
(605) |
409 |
(196) |
|
|
As at |
2,657,470 |
909,472 |
708,951 |
571,879 |
(6,087,175) |
(1,239,403) |
(15,806) |
(1,255,209) |
|
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of the respective shares net of share issue expenses.
The reverse acquisition reserve relates to the adjustment required by accounting for the reverse acquisition in accordance with IFRS 3.
The Company's assets and liabilities stated in the Statement of Financial Position were translated into Pound Sterling (£) using the closing rate as at the Statement of Financial Position date and the Income Statements were translated into £ using the average rate for that period. All resulting exchange differences are taken to the foreign currency translation reserve within equity.
Accumulated losses represent the cumulative earnings of the Group attributable to equity shareholders.
Non-controlling interests represent the share of ownership of subsidiary companies held outside the Group.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED
|
|
Six months |
|
Six months |
|
Financial year |
|
|
Ended |
|
Ended |
|
ended |
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
£ |
|
£ |
|
£ |
|
Cash flows used in operating activities |
|
|
|
|
|
|
Cash used in operations |
(1,154,836) |
|
(1,918,818) |
|
(1,809,792) |
|
Interest received |
12,746 |
|
13,915 |
|
46,246 |
|
Tax paid |
(136,925) |
|
(417) |
|
(960) |
|
Tax refund |
141,952 |
|
- |
|
- |
|
Net cash used in operating activities |
(1,137,063) |
|
(1,905,320) |
|
(1,764,506) |
|
|
|
|
|
|
|
|
Cash flows used in investing activities |
|
|
|
|
|
|
Purchase of property, plant and equipment |
(24,458) |
|
(6,373) |
|
(107,219) |
|
Purchase of right-of-used assets |
- |
|
(68,842) |
|
(8,009) |
|
Purchase of intangible assets |
- |
|
26,191 |
|
- |
|
Addition to investments in associate |
(40,766)
|
|
- |
|
(7) |
|
Proceeds from disposal of property, plant & equipment |
- |
|
- |
|
27,647 |
|
Proceeds from disposal of subsidiary |
- |
|
- |
|
1,747 |
|
Net cash used in investing activities |
(65,224)
|
|
(49,024) |
|
(85,841) |
|
|
|
|
|
|
|
|
Cash flows (used in)/ from financing activities |
|
|
|
|
|
|
Interest paid |
(203,746) |
|
(156,660) |
|
(357,380) |
|
Net change of banker acceptance |
57,185 |
|
2,432,591 |
|
2,861,352 |
|
Net change in other financial assets pledged |
7,475 |
|
126,662 |
|
80,295 |
|
Addition / (Repayment) of lease liabilities |
(53,400) |
|
25,456 |
|
(112,527) |
|
Repayment of term loan |
(3,955) |
|
(3,811) |
|
(10,504) |
|
Net cash (used in)/ from financing activities |
(196,441) |
|
2,424,238 |
|
2,461,236 |
|
|
|
|
|
|
|
|
(Decrease)/ Increase in cash and cash equivalents |
(1,398,728) |
|
469,894 |
|
610,889 |
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes |
(96,138)
|
|
(68,012) |
|
(167,841) |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period/year |
3,979,183 |
|
3,536,135 |
|
3,536,135 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period/year |
2,484,317 |
|
3,938,017 |
|
3,979,183 |
NOTES TO THE INTERIM FINANCIAL STATEMENTS
|
1. |
Basis of preparation |
|||||||||||||||
|
|
The Group's interim financial statements for the six months ended
The interim financial statements are unaudited and have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) issued by the
Full details of the accounting policies adopted, which are consistent with those disclosed in the Company's 2024 Annual Report, will be included in the audited financial statements for the year ending
|
|||||||||||||||
|
2. |
Basis of consolidation |
|||||||||||||||
|
|
The consolidated statement of comprehensive income and statement of financial position include financial statements of the Company and its subsidiaries made up to
|
|||||||||||||||
|
3. |
Nature of financial information
The unaudited interim financial information for the six months ended
|
|||||||||||||||
|
4. |
Functional and presentation currency
(i) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional currency of the Group is Ringgit Malaysia (RM). The consolidated financial statements are presented in Pound Sterling (£), which is the Company's presentational currency as this is the currency used in the country in which the entity is listed.
Assets and liabilities are translated into Pound Sterling (£) at foreign exchange rates ruling at the Statement of Financial Position date. Results and cash flows are translated into Pound Sterling (£) using average rates of exchange for the period.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year/period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
The financial information set out below has been translated at the following rates:
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5. |
Segmental analysis
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7. |
Loss per share
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The basic loss per share is calculated by dividing the loss in the six month period ended 30 June 2025 of £1,138,860 (30 June 2024: £1,672,674 and year ended 31 December 2024: £3,446,067) attributable to owners of the parent by the number of ordinary shares outstanding at 30 June 2025 of 106,298,780 (30 June 2024: 106,298,780 and 31 December 2024: 106,298,780).
There is no diluted earnings per share for the six month period ended 30 June 2025 as there were no outstanding dilutive share options during the period, which had expired on 4 December 2024.
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8. |
Reconciliation of profit before tax to cash generated from operations
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9. |
Contingent liabilities
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In the period under review, corporate guarantees of RM44.1 million (£7.64 million) (H1 2024: RM29.1 million (£4.88 million)) were given to a licensed bank by the Company for credit facilities granted to a subsidiary company.
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10. |
Significant accounting policies |
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The interim consolidated financial statements have been prepared applying the same accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2024 except for the adoption of new and amended reporting standards, which are effective for periods commencing on or after 1 January 2025. Various amendments to standards and interpretations of standards are effective for periods commencing on or after 1 January 2025 as detailed in the 2024 Annual Report, none of which have any impact on reported results. |
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Amortisation of intangible assets
Software is amortised over its estimated useful life. Management estimated the useful life of this asset to be within 10 years. Changes in the expected level of usage and technological development could impact the economic useful life therefore future amortisation could be revised.
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value-in-use of the cash generating units ("CGU") to which goodwill is allocated. Estimating a value-in-use amount requires management to make an estimation of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present value of those cash flows.
The research and development costs are amortised on a straight-line basis over the life span of the developed assets. Management estimated the useful life of these assets to be within 5 years. Changes in the technological developments could impact the economic useful life and the residual values of these assets, therefore future amortisation charges could be revised.
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Impairment of goodwill on consolidation
The Group's cash flow projections include estimates of sales. However, if the projected sales do not materialise there is a risk that the value of goodwill would be impaired.
The Directors have carried out a detailed impairment review in respect of goodwill. The Group assesses at each reporting date whether there is an indication that an asset may be impaired, by considering cash flows forecasts. The cash flow projections are based on the assumption that the Group can realise projected sales. A prudent approach has been applied with no residual value being factored. At the period end, based on these assumptions there was no indication of impairment of the value of goodwill or of development costs.
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Research and development costs
All research costs are recognised in the income statement as incurred.
Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditures which do not meet these criteria are expensed when incurred.
Development costs, considered to have finite useful lives, are stated at cost less any impairment losses and are amortised through other operating expenses in the income statement using the straight-line basis over the commercial lives of the underlying products not exceeding 5 years. Impairment is assessed whenever there is an indication of impairment and the amortisation period and method are also reviewed at least at each Statement of Financial Position date. |
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11. |
Dividends |
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The Company has not proposed or declared an interim dividend. |
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12. |
Interim report |
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This interim financial statement will, in accordance with Rule 26 of the AIM Rules for Companies, be available shortly on the Company's website at www.mobilityone.com.my. |
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-Ends- |
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