Half-year losses grew at Plus SMS Holdings as the listed text message company aborted plans to list in Britain.
Plus SMS posted a net loss of $4.9 million for the half-year ending September 30, up from a $1.3 million loss the year before.
Total revenue was $192,000, up
from $6000 - although there was no actual trading revenue.
"All expenses in relation to the aborted [London Stock Exchange] AIM listing of the Isle of Man subsidiary have been written off in the period," the company said. It did not specify how much these expenses were.
An expense write-off in relation to "defected contracts" was also listed as having a material impact on the result.
The company agreed last month to place 150 million new shares with cornerstone investor Hewon Capital or its nominees - subject to shareholder approval - to raise $7.5 million and defer an AIM listing, which would be re-evaluated in the New Year.
Plus SMS shares closed down slightly yesterday at 16.2c.
The share price collapsed in September after the company admitted making incorrect statements, founder Garry Donoghue and chairman Jim Bracknell quit and a Securities Commission inquiry was launched.
Plus SMS plans to enable firms to run global text-message campaigns and competitions using single codes.
But in September a strategic review found that contracts previously negotiated with various telecom operators were mainly for fixed line numbers and therefore unsuitable.
The company agreed this month to buy mobile phone content provider Content Technology Mexico for US$1.2 million in cash and 10 million Plus SMS shares at 20c each over two years.
The deal should be completed by the end of the year, giving the firm its first sales revenue.
