ChinaNet Q3 2011 Profit Down 73% YoY

ChinaNet, 11/15/11

Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) has announced its financial results for the three months ended September 30, 2011. Revenues for the third quarter of 2011 decreased 28% YoY to USD 6.4 mln from the previous year.

Net income attributable to common stockholders for the quarter was USD 1.0 mln, a decrease of 73.0% YoY from USD 3.7 mln in Q3 2010.

Revenues from internet advertising and marketing decreased 46% YoY to USD 3.9 mln, the decrease was attributed to lower spending from the majority of both traditional and branded customers. The number of customers decreased 15% QoQ. TV advertisement revenues increased 23% YoY to USD 2.0 mln as a result of higher customer utilization rate and implementation of a new sales strategy. The Company experienced a second consecutive quarter of increased revenues from brand management and sales channel expansion services, generating USD 0.45 mln in sales, or 7% of total revenues in the third quarter of 2011.

To view the complete report please see here.

Keywords: TV advertising Internet profit CNET ChinaNet Q3 2011 revenue television online advertising fiscal report

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