(Alliance News) - Matomy Media Group Ltd on Wednesday reported a widened loss in 2019, on falling revenue and increased finance expenses.
In 2019, the Tel-Aviv-based media company recorded a pretax loss of USD19.4 million, widened sharply from USD3.3 million in 2018.
Financial expenses totalled USD12.3 million in 2019 versus a USD6.7 million finance gain in 2018.
Total revenue was down 17% to USD74.0 million from USD88.7 million.
Domain monetisation revenue slipped 2.1% year on year in 2019 to USD74.0 million. The company blamed foreign currency movements for the drop, as domain monetisation revenue increased at constant currency on increased customers.
Matomy also recorded USD13.1 million in revenue in 2018 from non-core activities - such as email and video - which were not repeated in 2019.
Chief Financial Officer Ilan Tamir said: "We are glad to have brought Matomy to safe harbours. We were successful in selling Team Internet, which enabled us to redeem the bond, and pay off all of the company's debts"
In December, Matomy agreed to sell its 90% stake in Team Internet to CentralNic Group PLC.
Shares in Matomy Media closed untraded in London on Wednesday at 4.60 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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