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Sulake swings to H1 profit, sees no 2009 listing

02 September 2008

Reuters

By Brett Young

Finland's Sulake reported a six-month profit on Tuesday thanks to the strong performance of its Habbo Hotel Internet networking site, but said a stock market listing was not likely next year.

"A listing is still a valid plan, but now we are concentrating on future growth ... and improving our profit and cash flow," Sulake Chief Financial Officer Outi Henriksson told Reuters.

When asked if the Internet company would next year, she said: "I don't think so, it could happen a little bit later on. 2009 would be early." Sulake reported January-June earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.8 million euros ($4.1 million), up from a loss of 1 million a year ago.

Sales jumped 19 percent to 25.6 million euros.

"Continuing the good result development from the start of the year, Sulake targets around 30 percent (revenue) growth in 2008 compared to the previous year," Sulake said in a statement.

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