Network International is again starting to see "encouraging signs" on merchant sign up as well as other parameters. Image Credit: Gulf News Archive

Dubai: Network International, the payment processing company, has reported a loss of $150,000 for the first six months of 2020.

The results reflect lower underlying EBITDA [earnings before interest, taxes, depreciation, and amortization] and a write-off of $6.7 million of capitalised debt issuance fees associated with a prior lending facility.

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For the first-half of the year, total revenue was down 11.9 per cent. Performance through the period was significantly impacted by COVID-19 related lockdowns, and the associated reduction in domestic and tourism related consumer spending throughout our regions.

"There has been much for the business to focus on through this period," said Simon Haslam, CEO. "Though this has, and will, impact financial performance in the short-term, we have a strong balance-sheet with significant liquidity.”

The Middle East revenues were down 15.3 per cent year-on-year while those from Africa were 10.5 per cent lower year-on-year, largely attributed to COVID-19 related lockdowns.

The company said trends in merchant signups are encouraging with the pace of point-of-sales merchant signings returning to pre-pandemic levels. Online gateway signings continue at an accelerated pace, with about 950 new merchants on-boarded during 2020.

E-commerce volumes (excluding government and airlines) were up 45 per cent in the second quarter, with growth rates continuing to remain high through July, at 61 per cent year on year, the company said in a statement.