30th Aug 2019 08:28
(Alliance News) - Matomy Media Group Ltd on Friday reported a widened loss for the first half of 2019 and said that it is making progress on the sale of its only one remaining operating subsidiary.
The advertising technology company reported revenue of USD33.7 million for the six months to June-end, down 38% from USD54.4 million reported as year earlier, resulting in loss widening to USD17.4 million from USD2.5 million.
In the period, spanning from mid-2017 through November 2018, the company exited all of its data-driven advertising platforms with the exception of Team Internet, an advertising and monetization platform.
In the first half of 2019, Matomy Media said its domain monetization activity's revenue decreased by 21% as a result of changes in compliance requirements, which hurt its financial results.
"Despite recent compliance events, Team Internet continues to show profitability and positive cash flow and we believe it will continue to thrive and succeed," said Chair Sami Totah.
"Matomy continues in its efforts to address the interests of all stakeholders of the company, including by means of selling its subsidiary Team Internet," added Totah.
Matomy has been working to sell its 90% holding in Team Internet AG to minority shareholder Rainmaker Investments GmbH for USD36 million cash in order to repay its bonds. Last week, Matomy said Rainmaker Investments had pulled out of discussions.
On Wednesday, Matomy Media said it had received several non-binding offers for its shares in Team Internet.
The stock was trading 7.7% lower on Friday morning at 3.60 pence a share.
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