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December 9, 2009

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Focus sees losses widen

DIGITAL media group Focus Media Holdings has reported widening losses after the financial crisis hit advertising spending.

Net loss in the third quarter was US$127.6 million, or 0.99 US cents per share, compared with a net loss of US$23 million in the previous quarter and a profit of US$51.4 million in the same period last year.

Total revenue in the quarter was US$166.6 million, down 26 percent from the same period last year, the company said yesterday. Income from its LCD display network, in-store network and poster frames was US$85.8 million.

Chairman and CEO Jason Jiang told a conference call yesterday that prices for the LCD display network and the poster frame network will rise by about 10 percent from next year with the recovery in the economic situation.

The company will continue to expand in the third and fourth tier cities and install around 10,000 LCD units in the next year to raise penetration as advertisers' demand for these markets increased. The new expansion will be completed in office buildings in 50 to 60 third and fourth tier cities.

The company operated 130,890 LCD units and 225,762 non-digital poster frames by September 30.

Jiang also noted there will be adjustment in existing LCD networks in the fourth quarter and the next year and some unsatisfying networks will be removed. Expansion will continue in 2011 and 2012 in middle and small cities.


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