Internet portal Tapuz People Ltd. (TASE:TPUZ) switched to profit on higher revenue for the third quarter of 2010. Revenue rose to NIS 11.4 million for the third quarter from NIS 10.6 million for the corresponding quarter of 2009 and NIS 11.2 million for the preceding quarter.
Tapuz posted a net profit of NIS 936,000 (NIS 0.06 per share) for the third quarter, compared with a net loss of NIS 495,000 for the corresponding quarter. Most of the loss in the corresponding quarter was due to a write-down on Tapuz's investment in GetIT.
Tapuz CEO Dan Chen said, "This year, we acquired two new activities. We acquired Netcraft, which specializes in website development, design, and characterization of user interfaces. We also became a partner in Israel's leading children's website, My First Homepage. We can happily say that the absorption of these two activities was a great success at Tapuz and their business even expanded and grew and contributed to the group's profit.
"BlogTV, which we operate in the US, began generating advertising revenue and increased its revenue compared with the corresponding quarter, after it hired a sales manager in the US, and thanks to efforts and resources channeled to this field. At the same time, we continue to invest in and promote the company's websites and increase revenue from advertising sales on them, and continue accelerated activity in cellular content."
Tapuz's share price fell 1.4% in morning trading to NIS 3.99, giving a market cap of NIS 60 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2010
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