Online translation company Babylon Ltd. (TASE:BBYL) today reported eight-fold profit growth on a near tripling of revenue for the second quarter of 2012. Revenue rose 183% to $41.3 million for the second quarter from $14.6 million for the corresponding quarter, and net profit rose 714% to $5.7 million from $0.7 million for the corresponding quarter.
Babylon will distribute a dividend of $12.5 million on August 8.
Babylon CEO Alon Carmeli said, “We took a central position as a leading global player in the internet search market, as well as maintaining our position as the leading player in the translation field. This was achieved due to our growing knowledge, understanding and success which have attracted first tier strategic partners to our company. We continue to succeed in improving performance, while investing in the company's future, thanks to a unique ability to analyze user’s behavior, together with a continuing development of products and growth engines."
Earlier this month, Babylon announced that it was considering listing on Wall Street.
Babylon's share price fell 1.2% by midday to NIS 42.60, giving a market cap of NIS 2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2012
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