The companys gross margin stood at 58 percent, as compared to 64 percent in Q4 2008 respectively, while income from operations reached USD 3.1 million, up 29 percent as compared to USD 2.4 million in Q1 2008. Neovias e-wallet revenue remained flat at USD 11.4 million, while overall fee revenue, rose 3 percent year-on-year to USD 15.8 million. The number of active e-wallet users dropped by 5 percent in Q4 2008, reaching 92,757.
According to the companys chairman Dale Johnson, the Q1 2009 results are disappointing and are attributable to a competitive market, the difficult economic conditions, as well as limitations in new product launches.
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