Sky-mobi Q1 Loss Narrows; CFO Carl Yeung To Step Down - Quick Facts

(RTTNews) - Sky-mobi Limited (MOBI) reported that net loss for the first quarter 2014 narrowed to RMB0.3 million or $0.1 million, from RMB5.1 million in first quarter 2013. On a per share basis, breakeven for the latest-quarter, compared to a loss of RMB 0.02 last year.

Non-IFRS net profit in first quarter 2014 increased 116.0% to RMB6.8 million or $1.1 million from RMB3.1 million in first quarter 2013.

Non-IFRS earnings per share in first quarter 2014 were RMB0.02 or $0.00, which represent the equivalent of RMB0.12 or $0.02 per ADS.

Total revenues for first quarter 2014 decreased 18.3% to RMB125.2 million or $20.4 million from RMB153.4 million in first quarter 2013.

For the fiscal second quarter 2014 ending September 30, 2013, Sky-mobi expects total revenues to be in the range of RMB95 million to RMB105 million.

The company announced that its chief financial officer, Carl Yeung, will be stepping down from his role for personal reasons. Yeung will serve as a non-executive director of the board, effective immediately.

The company also announced that its board of directors has initiated a search process for a new chief financial officer. The Board will oversee the search process.

In addition, the Company announced that Qing Yan will be stepping down from his role as the Company's chief operating officer, effective immediately. The Board has appointed Yan as the chief executive officer of Sky Technologies International Limited, a subsidiary of Sky-mobi.

Effective immediately, Zheng Wang will be promoted to Vice President of Operations and will be responsible for oversight of the day-to-day operation of the Company's business. Wang has been working at Sky-mobi since 2007. Prior to this appointment, Wang served as the vice general manager responsible for Company's revenue generating operations, manager of the internet operations department, director of the portal technology center, general manager of platform center and general manager of the applications store business department. Prior to joining Sky-mobi, Wang served as a research and development engineer of Hangzhou Eastern Communications Co., Ltd.