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LISBON -- Spanish film and TV holding Vertice 360, part of multinational telco and media company Avanzit, has announced first-half income for 2008 up 23% to ¤61.6 million ($95.7 million).

The profit margin is slim with first-half net profits of $700,000, compared to a $200,000 loss for the same period last year.

Vertice 360, topped by CEO Jose Maria Irisarri, operates as a mini-studio encompassing Manga Films, one of Spain's biggest mainstream pic buyers, comedy pic shingle Telespan 2000, Barcelona-based production-distribution house Notro Films, and audiovisual service providers Telson and Videoreport.

The main factors underlying the hike in revenues are increased TV activity, 28% organic growth of revenues from audiovisual services and the inclusion of Notro and Telespan in the group's consolidated results as of July 1, 2007, which contributed an extra $5.6 million to revenues.

The group now focuses increasingly on TV and audiovisual services, which represent 70% of revenues.

The cinema division, which contributed 58% of the group's revenues in the first half of 2007 now only represents 30% of the total. Vertice 360 aims to focus on in-house production and exploiting its 4,500-title library.