YuuZoo in the black in Q2

SOCIAL e-commerce firm YuuZoo Corp swung into the black with a net profit of US$986,000 for the second quarter ended June 30, versus a net loss of US$1.49 million a year ago, driven by high margins on licences sold to franchisees in certain markets.

These markets include Central and Eastern Europe, South Korea and Turkey.

Revenue was 95 per cent higher year on year at US$7.99 million, thanks to the phased recognition of the sale of franchise licences in Central and Eastern Europe in return for equity holdings in the companies.

Earnings per share came to 0.16 US cent, compared to a loss per share of 1.1 US cents previously.

For the half year, net profit was US$4.16 million - versus a loss of US$2.57 million a year ago - while revenue was 73 per cent higher at US$17.62 million.

The company said it expects to continue expanding the local marketing of its virtual shopping mall with existing partners and franchisees this year. It also expects to sign new agreements with partners and franchisees - with whom it is in talks - in additional markets.