April 21, 2009 / 7:01 AM / 9 years ago

UPDATE 1-Rambler Media EBITDA up, cost saving to continue

* FY EBITDA rises 112 pct, revenue up 59 pct

* Says cut 10 pct jobs

* Says cost-saving measures to continue in 2009 (Adds details)

April 21 (Reuters) - Russian Internet company Rambler Media Ltd (RMG.L) posted higher EBITDA and revenue for 2008, helped by a growth in display and banner advertising, and said cost-saving measures initiated in the fourth quarter would continue in 2009.

Rambler said it cut about 10 percent jobs to 660 employees at the end of the year from October 2008 levels.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $16.1 million, compared with $7.6 million in the year-ago period, the UK-registered owner of Russia’s search engine www.rambler.ru and on-line newspaper www.lenta.ru said.

Revenue rose 59 percent to $110 million for the year.

    The company said adverse macroeconomic conditions in the fourth quarter, which is usually its strongest period, halted the progress that was shown in the previous five quarters.

    Rambler, the only listed Russian Internet firm, is part of Russian billionaire Vladimir Potanin’s holding company Prof Media.

    Rambler shares closed at 5.56 pence on Monday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Gopakumar Warrier)

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