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China Mass Media sees net profit soar 249.2% in Q1

Published: 01 Jun 2009 01:45:55 PST

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Jun. 1, 2009 (China Knowledge) - China Mass Media International Advertising Corp<CMM>, an independent advertising company in China, has announced that its unaudited net profit hit RMB 59.6 million in the first quarter of this year, a sharp quarter-on-quarter growth of 249.2% or a year-on-year decline of 8.8%, sources reported.

In the period from January to March, the total net revenue of the Nasdaq-listed enterprise reached RMB 149.8 million, swelling 93.2% month on month or 11.5% year on year. Operating income hit RMB 65 million, up 361.1% from the fourth quarter of 2008, or down 14.8% year on year.

China Mass Media recorded production and sponsorship service revenues of RMB 19.3 million in the same period, a quarter-on-quarter increase of 38.2% or a year-on-year growth of 67.2%.

Eric Cheung, chief financial officer (CFO) of the enterprise, said that the company reaped RMB 232 million in operating cash flow in the period principally from high production service revenues. He said the Chinese advertising market will show a considerable amount of recovery in the period from April to June as a result of the central government's economic stimulus package.

In the second quarter, the media firm plans to reap between RMB 80 million and RMB 95 million in total revenue.

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