Shares in MySQUAR Ltd (LON:MYSQ), the Myanmar-language mobile app specialist, opened sharply higher as it said its Hawk Hero game has continued to sell well.
The app was released on 12 September and continues to achieve “very encouraging results”, the company revealed, sending the shares up from 4.875p at Friday’s close to 5.90p in early deals.
Myanmar's got talons
Within ten days of release, role playing game Hawk Hero has generated an average daily revenue of around US$600 per day, gradually rising to a current high of US$917 on 21 September 2016. Like a lot of modern games designed to be played on mobile devices, Hawk Hero has many pay-to-use features, and the company expects these will significantly increase revenue in the near future.
Meanwhile, another of the company’s online gaming winners, MyFish, has seen its daily revenue rose to US$2,000-US$2,200 during the week commencing 19 September 2016.
At the current rate, MySQUAR's released game titles collectively generate around US$3,000 of revenue per day.
Mobile payments and VoIP
There is more to the company than just games, however, it also runs a popular social media platform while it is also branching out into online payments.
The company said technical implementation work regarding the launch of the mobile payments services business has progressed well. Its mobile payments partner, MyPAY, is currently completing compliance requirements; it had been targeting a third quarter launch but new Myanmar mobile payment regulations have put the kibosh on that, and the launch is now expected in a matter of months.
MySQUAR assured investors that its VoIP [voice over internet protocol) product, which will allow users to make phone calls via an internet connection, is progressing according to plan. The MyPAY launch will mean additional avenues for people to pay for games and VoIP services, thereby attracting additional users, the company said.
"The strong performance of our second major game is an exciting development and provides remarkable monetisation for such a young company in our field. Our plan to introduce a new game approximately every other month is well on course and we see considerable revenue growth going forward,” said Eric Schaer, chief executive officer of MySQUAR.
“We have also gained valuable understanding of the Myanmar mobile gaming market and are confident that many of the future games will be even better placed than their forerunners. In addition, I am very pleased with the preparation progress for mobile payment and VoIP services and we are looking forward to demonstrating to shareholders the economic synergies of the company's different businesses," he added.