Translation software developer Babylon Ltd. (TASE:BBYL), controlled by Noam Lanir, more than tripled its revenue and net profit for the first quarter of 2012.
First quarter revenue rose 229% to NIS 113.2 million ($30 million) from NIS 33.1 million for the corresponding quarter, and net profit rose 233% to NIS 14.4 million ($4 million), or NIS 0.29 per share, from NIS 4.2 million. Babylon had $11.4 million in cash at the end of March. Future revenue rose to $23 million at the end of March from $13 million at the end of 2011.
Babylon CEO Alon Carmeli said, “Babylon's install base continues to grow. We are now listed among the top 45 websites worldwide, with more than 50 million daily unique visitors. Together with the investment in the expansion of our install base, we maintain strong profitability and develop new growth engines."
Babylon currently serves more than 150 million private and business customers in 75 languages in 231 markets. It receives more than 100 million translation requests a day. The company is planning to offer its services for tablets, smartphones, and other mobile devices.
Babylon's share price rose 3.6% by mid-afternoon to NIS 26.17, giving a market cap of NIS 1.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2012
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