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Ad downturn hits Focus Media
By Ding Yining |
September 21, 2009, Monday
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Online Edition
Online Edition
CHINESE digital advertising Focus Media reported a loss today for the third consecutive quarter after Internet advertising income dropped.
The company posted a net loss of US$23 million, or 18 cents per share, compared with a profit of US$36.1 million a year ago.
Revenue reached US$171.3 million in the three months ended June 30.
The company agreed to sell all of its digital out-of-home advertising networks to Sina Corporation in an all-stock transaction valued at US$1.8 billion in December. The deal is still pending regulatory approval.
"We may consider extend the closing deadline for the transaction or altering the deal structure if we don't get approval at the end of September," it said.
Assets to be sold to Sina were defined as discontinued operations, and they contributed US$89.2 million revenue, up 39 percent from US$64.4 million in the previous quarter but lowered 15 percent from the same period last year.
Revenues from continuing operations reached US$82.1 million, and this was 23 percent higher quarter on quarter but 23 percent down from a year ago.
The company predicts revenue in the third quarter to reach between US$126 million and US$128.5 million.
The company posted a net loss of US$23 million, or 18 cents per share, compared with a profit of US$36.1 million a year ago.
Revenue reached US$171.3 million in the three months ended June 30.
The company agreed to sell all of its digital out-of-home advertising networks to Sina Corporation in an all-stock transaction valued at US$1.8 billion in December. The deal is still pending regulatory approval.
"We may consider extend the closing deadline for the transaction or altering the deal structure if we don't get approval at the end of September," it said.
Assets to be sold to Sina were defined as discontinued operations, and they contributed US$89.2 million revenue, up 39 percent from US$64.4 million in the previous quarter but lowered 15 percent from the same period last year.
Revenues from continuing operations reached US$82.1 million, and this was 23 percent higher quarter on quarter but 23 percent down from a year ago.
The company predicts revenue in the third quarter to reach between US$126 million and US$128.5 million.
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