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September 2, 2009

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Sina Corp profits on way up

SINA Corp posted an improved profit from the previous quarter after falling for two quarters.

Net income for the second quarter reached US$13.1 million, or US$0.23 per share, up 37 percent from the previous quarter but down 41 percent from US$22.5 million in same period a year earlier.

Sina's proposed deal to buy Focus Media's digital public advertising networks under an all-stock transaction valued at US$1.8 billion is still needing regulatory approval. If the antitrust review is still not complete by the end of September, the two parties will negotiate an extension of the deadline.

"We may also try to alter the deal structure to achieve the deal," Sina CEO Charles Chao told a conference call yesterday morning, without providing details on how the deal might be altered. Revenue stood at US$90.3 million, 1 percent lower year on year but 22.4 percent higher than the first quarter.

Advertising revenue for the second quarter totaled US$57.8 million, an 11 percent drop year on year but 34 percent up from the first quarter.

The company's revenue prediction for the third quarter is US$91-94 million.



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