LONDON (ShareCast) - Mobile payments company e-pay Asia has admitted that its first half profits will be approximately 85% below the same time last year sending its share price sliding for the second time in a week.

This news follows the decision of chairman Michael Lee to step down from the board. UK-based non-executive director John Croft will take over as acting chairman.

Earlier today a company controlled by managing director Simon Loh transferred part of its shareholding to another company in payment for its services. This means that Simon Loh’s stake has fallen from 47.8% to 41.3%.

Last week e-pay warned that problems in Indonesia and start-up costs in China would hit this year’s figures. Indonesia will be loss-making this year and e-pay Asia won’t generate any software licence revenue from China because it decided to enter the market via a joint venture.

The interim figures should be published at the end of August.

• News Channel