ChinaNet Q2 2011 Profit Drops 30% YoY

ChinaNet, 8/16/11

Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) has announced its financial results for the second quarter of 2011. Q2 2011 revenue was USD 9.1 mln, a decrease of 25% YoY.

Net income attributable to common shareholders for the second quarter was USD 2.8 mln, down 30% YoY from USD 4.0 mln in the same period the year before.

Revenues from internet advertising and marketing decreased 18% YoY to USD 6.5 mln, the decrease was attributed to lower revenues from branded customers. TV advertisement revenues fell 49% YoY to USD 2.1 mln as the Company reduced the total minutes of advertising time purchased in order to free up working capital. During the quarter the Company experienced initial revenue contributions from its complementary brand management and sales channel expansion services.

To view the complete report please see here.

Keywords: TV advertising Internet profit revenue CNET ChinaNet Q2 2012 television online advertising fiscal report

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