The group made a loss before tax of £900,000 in the year to June 30, compared to a loss of £1.7bn last year, as the company invested in its expansion in India as part of a strategy to reduce its reliance on Argentina.
Revenues fell to £3.0mln from £5.7mln last year, reflecting tough macroeconomic conditions and regulation for mobile content subscriptions in Argentina, a competitive India market and foreign exchange headwinds.
The company said India’s mobile phone market has faced heightened competition in the past year due to the disruption of Reliance Jio, leading to the merger of local provider Idea and Vodafone and the bankruptcy of Aircel.
“As a result, the company has turned its focus towards working with operators with stable operations which in turn will provide greater opportunity for future returns,” Mobile Streams said.
“While this has resulted in lower revenues than hoped for at the start of the financial year, recent performance, in particular, indicates grounds for optimism in 2019.”
Looking ahead, the group said it aims to increase revenues while maintaining a positive margin in India and Argentina.