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Focus Media posts 3.8% rise in Q3 profit
By Ding Yining |
November 28, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI-BASED outdoor advertising company Focus Media said profit in the third quarter added 3.8 percent to US$64 million thanks to the booming sales of its LCD display network.
However, it gave a weak outlook for the fourth quarter due to uncertainties about macroeconomic conditions.
In the three months ended September 30, revenue rose 23 percent to US$256 million, it said in a stock exchange filing today.
Chairman and chief executive Jason Jiang told a conference call after the earnings release that advertising environment in 2013 will remain uncertain because of possible macroeconomic policy shifts.
He said a cut in advertising spending by Japanese automobile companies will also impact their revenue in the fourth quarter, which is expected to be US$243 million to US$253 million.
The company said in August that it received a takeover proposal valued at US$3.5 billion from a consortium made up of private equity firms and senior executives.
Jiang said the company still hasn't got a specific timetable for the privatization plan.
However, it gave a weak outlook for the fourth quarter due to uncertainties about macroeconomic conditions.
In the three months ended September 30, revenue rose 23 percent to US$256 million, it said in a stock exchange filing today.
Chairman and chief executive Jason Jiang told a conference call after the earnings release that advertising environment in 2013 will remain uncertain because of possible macroeconomic policy shifts.
He said a cut in advertising spending by Japanese automobile companies will also impact their revenue in the fourth quarter, which is expected to be US$243 million to US$253 million.
The company said in August that it received a takeover proposal valued at US$3.5 billion from a consortium made up of private equity firms and senior executives.
Jiang said the company still hasn't got a specific timetable for the privatization plan.
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