BEIJING (dpa-AFX) - GCL Global Holdings Ltd. (GCL), a provider of games and entertainment, on Friday reported a narrower net loss for the first half, helped by higher revenues, primarily driven by console games and game code sales.
For the six-month period to September 30, 2024, GCL posted a net loss of $512,287 or $0.02 per share, compared with a net loss of $1.530 million or $0.06 per share, registered for the same period last year.
Loss before income taxes narrowed to $812,886 from the prior year's $1.846 million. The benefit for income taxes was $10,444 as against an expense of $16,168 in 2023.
Loss from operations stood at $1.080 million, compared with a loss of $2.006 million a year ago. Excluding items, EBITDA increased to $1.471 million from $1.442 million last year.
Revenue for the period was $50.905 million, higher than $36.088 million in the previous year. The increase was primarily driven by console games and game code sales.
In addition, on February 13, GCL Global Limited announced its merger with RF Acquisition Corp. (RFAC), a special purpose acquisition company, resulting in GCL and RFAC as a wholly owned subsidiary of GCL Global Holdings Ltd. (GCL).
Subsequently, on February 14, GCL Group's shares will begin trading on the Nasdaq Global Select Market under the ticker 'GCL,' while its warrants will trade on the Nasdaq Capital Market under the trading symbol 'GCLWW.'
GCL was up by 5.185 percent at $2.840 in the pre-market trade on the Nasdaq.
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