Galleon Holdings swings to FY underlying profit, sees 2008 to be 'defining year'
AFX
LONDON (Thomson Financial) - Galleon Holdings PLC swung to a full-year underlying profit on a surge in revenues, and said it is optimistic that 2008 will be a 'defining year' for the company.
The intellectual property owner and developer in the entertainment sector posted an EBITDA of 169,321 stg for the year ended Sept 30, 2007, compared with a loss of 982,078 stg last year, on a 240 pct growth in revenues to about 4.5 mln stg.
The company narrowed its full-year pretax loss to 392,042 stg from 1.25 mln stg in 2006.
Galleon said the source of its revenues has been much more balanced in 2007 with its entertainment division contributing significant revenues.
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