Sina Q1 2009 Profits Down 31%
Sina PR, 6/10/09
Chinese online media company and wireless value-added services (WVAS) provider Sina (Nasdaq: SINA) has announced its unaudited financial results for Q1 2009, with net revenues reaching USD 73.8 mln, up 3.51% year-on-year and down 27.3% quarter-on-quarter. Net income for the quarter came to USD 9.7 mln, down 31.2% YoY and 62.1% QoQ.
Advertising revenues, 98% of which comes from China, decreased 10% YoY to USD 43.2 mln. Non-advertising revenues, 95% deriving from WVAS revenues, increased 30% YoY to USD 30.6 mln. WVAS revenues reached USD 29.0 mln, up 34% YoY.
The company estimates Q2 2009 revenues will be between USD 85 mln and USD 89 mln, with advertising revenues to be between USD 55 mln and USD 58 mln and non-advertising revenues to be between USD 30 mln and USD 31 mln.
On December 22, 2008, Sina announced it will acquire all digital out-of-home advertising networks assets of Shanghai-based digital media group Focus Media (Nasdaq: FMCN), including its LCD display, poster frame and certain in-store networks. The acquisition is expected to be completed by the end of the third quarter, pending regulatory approval. Based on the December 22, 2008 announcement, Sina will issue 47 mln new ordinary shares to Focus Media as consideration for the acquired assets. Focus Media will then distribute those shares to its shareholders shortly after the closing.
To see Sina's full earnings report, please click here.
Keywords: online advertising FMCN Focus Media Internet Q1 2009 Sina fiscal report out-of-home display profit revenue WVAS wireless SP mobile data portal
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