Financial news service Moneyweb managed to rebound from a R3m interim loss to a R342,000 profit for the six months to end-December. Revenue from radio advertising grew 86%, helping its overall revenue grow 17% to R17m for the six months to end-December, Moneyweb said in its interim results statement on Friday. "Moneyweb invested in growing its radio properties by taking on additional airtime on RSG and Radio 2000. A headline sponsor for the RSG Geldsake programme was obtained, which assisted in tremendous growth in radio revenue," the company said. The matching period’s loss was partly due to legal expenses Moneyweb incurred in its unsuccessful plagiarism case against Naspers’s websites Media24 and Fin24. Moneyweb said it cut its overheads by R1m during the reporting period. This included less spending on freelance journalism. "Cash flows have started to steady as revenue has increased. Moneyweb remains debt free and has liquid cash reserves of R13.6m," it said. © Business Day
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