Tapuz People Ltd. (TASE:TPUZ) today published its financial report for the fourth quarter and full year of 2008. The Internet portal and cellular content provider posted record NIS 38.7 million revenue in 2008, 24% more than the NIS 31.3 million in 2007. Fourth quarter revenue was a record NIS 10.6 million.
Tapuz closed BlogTV last year because of its continued losses and consolidated its operations with the company. Tapuz made a write-off of NIS 10.4 million for the closure. Excluding the expenses for BlogTV, Tapuz posted an operating profit of NIS 8.9 million in 2008, 84% more than the NIS 4.9 million operating profit in 2007. The fourth quarter operating loss was NIS 11.9 million, primarily due to the write-off for BlogTV.
Tapuz posted a net loss of NIS 13 million in 2008, compared with a net profit of NIS 3.2 million in 2007. The company attributed the loss to BlogTV. Excluding BlogTV, the company had a net profit of NIS 5.8 million in 2008.
Tapuz's revenue comes from two core businesses: its Internet portal, including the video portal Flix; and cellular content. Internet revenue totaled NIS 13.8 million in 2008, the same as in the previous year. Cellular content revenue rose 41% to NIS 25.1 million in 2008.
Tapuz's share rose 8% by early afternoon to NIS 1.05.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2009
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