(Alliance News) - Matomy Media Group Ltd on Thursday said its loss narrowed in the first half of 2020 following the sale of all operations.
Tel-Aviv-based Matomy sold its 90% stake in Team Internet AG, a web service provider based in Munich, back in December.
As such, it reported no revenue for the six months ended June 30, compared to USD33.7 million the year before.
Matomy's pretax loss narrowed considerably to USD967,000 from USD17.4 million following the sale, consisting of USD849,000 of operating expenses as well as USD118,000 of financial expenses.
The company's interim loss in 2019 included a USD16.0 million impairment, resulting in USD22.5 million of operating expenses, as well as USD2.1 million of financial expenses.
Notable events in Matomy's half-year included a demand from a German that Matomy pay EUR1.3 million in relation to a consultancy agreement reached in November 2017. Matomy said the consultancy agreement was in connection to the sale of Team Internet, but that the German firm did not provide any consultancy work after November 2018, meaning it was not involved in the sale.
Moreover, Matomy's chair, Sami Totah, resigned in the first quarter along with directors Amir Efrati, Nir Tarlovsky, Stephane Estryn, and Harel Locker.
Then, in May, Amitay Weiss was appointed as chair while Lior Amit, Liron Carmel, Eli Yoresh, Kineret Tzedef, and Udi Kalifi were appointed to the board as directors.
Trading in Matomy's shares was suspended in June. That same month, a EUR1.6 million deferred cash payment was paid to the company for its Team Internet stake.
New Chair Weiss said: "Following the sale of the company shares in Team Internet, the company is now seeking a new operational horizon, in which it can grow and prosper."
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.