TOM Group net profit hits HK$11.67 mln in H1

Aug. 12, 2009 (China Knowledge) - Hong Kong-listed TOM Group Ltd<2383>, parent of TOM Online and TOM Outdoor Media Group, announced that it returned to profitability in the first half of this year, posting HK$11.67 million in net profit.

Revenues were HK$1.19 billion, compared with HK$1.33 in the same period of last year.

TOM Group made a one-off gain of HK$91 million during the period by acquiring 35% outstanding shares of TOM Outdoor Media from Singapore Press Holdings, according to the firm's CEO and executive director Ken Yeung, adding that the firm's operational business still recorded HK$42 million in net loss during the period, 4% less than in H1 2008.

The firm recorded HK$404 million of revenues from its publishing business division in H1 2009, with a profit of HK$32 million. Meanwhile, its television and entertainment sector contributed HK$74 million to its revenues during the period, narrowing losses to HK$23 million.

In H1 2009, the firm's internet group realized HK$524 million in revenues and HK$25 million in profit, representing a year-on-year growth of 4% and 16%, respectively.

Moreover, TOM Group obtained a three-year credit line worth HK$1.9 billion in the past two months, and the firm said it will not conduct any big financing moves this year.

TOM Group will speed up the development of digitalized open platform for its press business, including offering E-books and mobile products in the future.