NETELLER Announces First Half Profits
By Staff
Isle of Man-based e-cash processor NETELLER has released its half-year results for 2008 showing ‘solid performance’ as the firm continues to diversify into European and Asian markets.

The company announced that total income for the first half of 2008 was $35.9 million thanks to an 18 percent increase in fee revenues compared with the same period last year. In addition, NETELLER revealed that revenues from its e-wallet grew ten percent to $24.5 million to give it a pre-tax profit for the period of $1.2 million, which was considerably better than last year’s loss of $24.7 million.

European revenues, including those from its Netbanx service, were up by ten percent to $23.4 million while those from the Asia Pacific region, which encompassed 1-Pay Direct, grew by 58 percent to $8.6 million.

The firm also delivered its new integrated Merchant Payment Suite with the intention of driving contract wins across all segments of its business including e-wallet, payments gateway and financial services.

'The business has delivered a solid performance in the first half of 2008,” said Ron Martin, President and Chief Executive Officer for NETELLER.

“We have made significant steps in repositioning our business and the adoption of our Merchant Solution Suite among both gaming and non-gaming customers is beginning to drive tangible benefits.”

NETELLER revealed revenues per each active e-wallet user of $130 for the second quarter of 2008, a 15 percent rise over the previous quarter and an 18 percent increase over last year. It also stated that active e-wallet users excluding North America totalled 100,760, a slight decrease from the 101,301 recorded for the first quarter but an increase of four percent over the same period in 2007.

In addition, the firm completed the sale of its principal Calgary property for $31.6 million to give it a solid balance sheet with $93.3 million in cash and equivalents.

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