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Focus Media posts net revenue of US$66.7 mln for Q1

Published: 22 Jun 2009 22:29:46 PST

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Jun. 23, 2009 (China Knowledge) - Focus Media Holding Ltd<FMCN>, which is principally engaged in outdoor advertising in China, on Jun. 20 announced that it recorded US$66.7 million in net revenue from continuing operations in the first quarter of this year, a year-on-year decline of 14% or a quarter-on-quarter decline of 24%, sources reported.

The enterprise's net revenue from discontinued operations totaled US$64.4 million, a year-on-year decrease of 23% or a quarter-on-quarter decrease of 39%.

Net loss from continuing operations reached US$17.7 million during the period. It recorded net profit of US$1 million in the same period of last year and net loss of US$424.5 million in the previous quarter. Net profit from discontinued operations hit US$12 million, whereas it recorded net loss of US$54.6 million in the same period of last year and net loss of US$380.3 million in the previous quarter.

In the period from January to March, the firm's net loss attributable to shareholders totaled US$5.7 million, whereas it saw a loss of US$53.8 million in the corresponding period of last year and a loss of US$802.5 million a quarter earlier. The company's capital expenses hit US$6 million.

In the second quarter, the enterprise expects to see more than US$69 million in net revenue from continuing operations and more than US$81.5 million in net revenue from discontinued operations.

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