China's Hurray Q1 revenues hit US$11.8 mln

Published: 22 May 2009 00:54:46 PST

Top 5 News From ChinaKnowledge.com

May. 22, 2009 (China Knowledge) - China's Hurray! Holding Co Ltd<HRAY>, a provider of music production, artist development and wireless value-added services, said that its first-quarter total revenues declined 11.2% year on year or 18.5% quarter-on-quarter to US$11.8 million.

In the period ended Mar. 31, total wireless value-added services revenues were US$7.9 million for the first quarter of 2009, representing a decrease of 31.4% from US$11.5 million in the previous quarter and a decrease of 28.6% from US$11.0 million in the same quarter of 2008.

Recorded music revenues jumped 73.9% year on year or 31.4% quarter on quarter to US$3.9 million.

Total gross profit surged 166% quarter on quarter to US$1.7 million in the period. However, the Q1 profit also represented a year-on-year decline of 60.2% from US$4.8 million for the same period of 2008.

For the fourth quarter of 2008, the company said its total revenues were US$14.4 million, up 6.7% from the previous quarter but down 9.2% from a year earlier.

Copyright © 2009 www.chinaknowledge.com