Internet portal Walla Communications Ltd. (TASE: WALA) today published its financial reports for the fourth quarter of 2006 and the year as a whole. The company posted NIS 101.9 million revenue in 2006, 33% more than in the 2005. Walla! is a subsidiary of Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ).
Cash flow from current operations totaled NIS 22.6 million in 2006, up from NIS 12.8 million in 2005. Net profit rose 107% to NIS 25.5 million from NIS 12.3 million. Excluding a tax asset of NIS 7.4 million, net profit in 2006 was NIS 18 million, 46% more than in 2005.
Walla! reported two important events during the fourth quarter. The first was the launch of Walla! Search at an investment of $1 million, and the second was the appointment of Ilan Yeshua as CEO instead of Ilan Israely.
Walla! posted NIS 24.5 million revenue for the fourth quarter. Net profit totaled NIS 9.2 million, 176% more than for the corresponding quarter of 2005. The company attributed the increase in revenue to new large advertisers, higher advertising prices, growth in e-commerce and the success of its Walla! Tours ventures.
Walla! said that the salary cost and benefits paid to founder and former CTO Erez Pilosof totaled NIS 1.1 million. He announced his retirement earlier this month.
Published by Globes [online], Israel business news - www.globes.co.il - on March 19, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007