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. Last Updated: 07/27/2016

Rambler Posts $1.6M H1 Profit

Rambler Media, a television broadcaster that controls the country's second-biggest Internet search engine, reported a first-half profit against a loss a year earlier as Internet sales gained.

Net income reached $2.5 million, or 16 cents per share, from a loss of $2.3 million, or 15 cents, a year earlier, the company said in a statement Tuesday. Sales almost doubled to $15.8 million.

Rambler competes with Yandex.ru and Mail.ru, respectively the Nos. 1 and 3 web portals in the country, to attract the growing number of Russian-language Internet users and the advertising money they generate. The company reported a second-half profit on May 11, its first ever, and said it aimed to make 2006 its first profitable year.

"Rambler Media reports its second consecutive profitable half year," chief executive officer Irina Gofman said in the statement. "Our solid results reflect our continued focus on our Internet business, now accounting for nearly 80 percent of our group revenue."

Earnings before interest, tax, depreciation and amortization were $1.6 million in the first half, compared with a loss of $1.5 million one year earlier, based on international accounting standards.

Rambler gets most of its earnings from advertising fees generated by web sites and its Rambler TeleSet television station, a free cable service showing documentary films. Some 65 percent of Internet users in Russia visit Rambler.ru, according to company data.