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The Dankner family's Dankner Investment (TASE: DKNR ) is still losing money, but less. The company announced this morning that it lost NIS 13.8 million in Q1 2002, a sharp 73% drop from it loss in the parallel reporting period.

Revenue increased 6% to NIS 189.2 million after real estate activity kicked in NIS 75.6 million in revenue, a 26% increase, including NIS 16.2 million on the sale of land.

Cable company Matav Cable Systems Media (Nasdaq: MATV) added NIS 113.6 million to company coffers, down 4% from Q1 2001 and 2% from Q4.

The company wrote down NIS 8.1 million in surplus cost of the Matav investment, 3% more than in the same quarter last year.

The company's financing charges were down a whopping 85% to NIS 4.8 million, mostly on lower interest rates, including negative effective interest on unlinked shekel credit.

Shareholders equity took a significant dive during the quarter from NIS 14.4 million at the start of the year to just NIS 570,000 at the end of the first quarter. Current liabilities came to NIS 1.31 billion and cash flow from current operations was NIS 51.9 million.

During Q2, the company sold 7.7% of its stake in Partner Communications (Nasdaq: PTNR) for $62.4 million, and the sum could grow by another $5.2 million. The sale is expected to hand Matav NIS 300 million in pre-tax capital gains in Q2, which will dramatically boost Dankner's shareholders equity which nearly evaporated this quarter.